Permanent TSB ICE Visa

Hi All,

I have a limit of €1000 on my credit card, I currently have €900 clocked up on it as I was out of work for 3 months.

I am now back at work and have €1000 saved, I always pay at least the minimum balance off the credit card every month but if I pay off say €50 I am still paying interest of €8 a month.

Is my best thing to do to use my savings and clear off the credit card once and for all or should I use some of the savings to clear some of the credit card and keep the rest for a rainy day?

Thanks in advance

Clear the card no point in having debt of 11.5% while savings exist. You can always use it again if something comes up

It comes down ot an opportuntiy cost but the rate of interest on your savings is extremely unlikely to be as high as the interest charged on your card.