From a google search the best interest rates I could find was 19.9% apr after the >intro period so assuming you owe £10,000 on a card with that level of interest rate >and only pay the interest off that's £1,999 of interest to pay each year.
It is actually worse than that since most credit card companies compound interest daily. The just about 2k mark is fairly accurate if you are paying $200 per month, any less and it just gets even worse. Here is what they would pay if the debt was payed off on the credit cards spread over the same time frame as a mortgage.
Yes compound interest is going to make someone rich at almost 20% apr. LMAO HBD is not even that good, and those gains are absurd.
PS changed some spelling in your part of this post
Ah this is a culture error on my part as in the uk intrest is calculated by year so APY
still yeah and 19.9% was the best intrest to get as i have seen credit cards offer 300% apy so yeah better to stick it in a 6% mortgage lol
LOLZ! I wish there was some limit on compounding time for debt in the US. Those companies are abusing the people that already have a hard time getting by.
Yeah i know, makes me thankful for the correct guidelines in the uk otherwise this could be bad, we had a small incident of payday loans but now that industry died in the uk thankfully
I googled it and LMAO at the name of the laws pertaining to abusive interest is called Usury Laws, how fitting.
Edit: I guess I don't own enough lolz so have some !PIZZA instead.