If I have a monthly payment of $804.54 and an APR of 29.8%, does that mean that, each month, 29.8% of my $804.54 goes to paying the creditor?
I have 3 credit cards and am thinking about consolidating the debt through Lending Club in order to easily manage the payments. The cards total ~23,000 in debt. They have three different APRs currently (14.99 / 14.24 / 18.99) - ~16% average.
In order to consolidate through Lending Club, they are offering me an APR of 29.8 with a 36 month, monthly payment of 804.54. This is obviously a worse deal, but I am confident that consolidating is going to help me attack this problem, as paying them off individually so far has not.
My question is the one above -- does that mean that 30% of my monthly payment goes to interest?