Debt consolidation is basically the process of lowering your monthly expenses by reducing the interest charged on your outstanding debts. Short term, unsecured, debts like your credit cards, personal loans and retail cards attract high interest rates.
Consolidating debt with fnb
While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.
With this box checked, your monthly payment will decrease as your balance is paid down.
The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time. If you checked the 'Use credit card minimum for payments' box, your monthly payment is calculated as 4% of your current outstanding balance.
This can greatly increase the length of time it takes to pay off your credit cards. This calculator assumes your rate will remain the same for the entire repayment period.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice.