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Potential Savings by Removing Credit Card Debt

 
 
Potential Savings by Removing Credit Card Debt
1. Credit Card Balance
2. Annual Credit Card Interest Rate
3. Estimated Number of Years to Pay Off Debt
4. Growth Rate on Fund Used to Pay Off Credit Card
Total Savings by Paying Off Credit Card Debt: 
  
Interest Saved1: 
Total Savings if Invested2: 
 
 
 
   
Note: This calculator assumes that payments would have been made at the end of each month and interest would have been compounded monthly. The monthly interest rate is calculated by dividing the annual interest rate by 12.

1. The total potential savings of paying off the credit card balance now is calculated by determining the difference between waiting and paying off the amount now. For simplicity, the potential savings is the interest paid on the balance at the credit card interest rate minus the annual growth rate on the other fund.

2. For simplicity, the total savings is the interest saved grown at the same growth rate on the other fund (line 4) for the same number of years that would have been required to payoff the debt (line 3).
 

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Securities offered through Sigma Financial Corporation. A registered broker/dealer. Member FINRA & SIPC.
Planning Services offered through Sigma Planning Corporation, a registered investment advisor.

Any information contained on this site does not constitute financial advice. The Website is intended to provide general information only and does not attempt to give you advice that relates to your specific circumstances. You are advised to discuss your specific requirements with an independent financial adviser licensed in your state.

We do not offer legal advice. All information provided on this website is for informational purposes only and is not a substitute for proper legal advice. If you have legal questions, we recommend that you seek the advice of legal professionals.

IRS Circular 230 Disclaimer: To ensure compliance with IRS Circular 230, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer under the Internal Revenue Code, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein.

Asset allocation, diversification and rebalancing do not assure a profit or protect against loss in declining markets. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance is no guarantee of future results.

Investment products, insurance and annuity products:

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Are Not Deposits Are Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking Service or Activity
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Last modified: 05/11/10