Using our Credit Card Interest Calc 1 & Interest Earned on Deposit Calc 2, see how much you can save if you pay off your credit card using your savings.
For example, assuming it takes 4 years to clear my credit card balance.
The credit card balance is €8000, the interest rate is 18%, and the total interest payable over 4 years is €5,760. If I have €8,000 on deposit at 3.5% interest over the same 4 years I will receive €1,120.00 in interest. Savings by using this money to clear the Credit Card is €4,640.
Financial Planner serves individuals, families, and businesses across Ireland, such as County Kildare, County Meath, and County Dublin.
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