Whatever your financial situation, paying down debt is the first step to saving money. Our handy calculator will put you on the path to financial freedom.
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The average Canadian can save up to $400 a year by switching their credit card
When it comes to financial responsibilities, racking up credit card debt can be easier than paying it off. Especially when charging your credit card has never been more convenient. With a tap, swipe or click, overspending is almost effortless.
If you find yourself in credit card debt, try our credit card debt calculator. Whether you can only pay the minimum each month or you are looking to quickly eliminate your debt, RateSupermarket.ca’s debt calculator is a unique tool that will help determine how long it will take for you to pay off your current credit card debt – and how much you’ll have to pay each month. It’s easy to use and takes a few simple steps.
Our convenient credit card debt calculator is designed to show you when you’ll repay your debt in full, and how much interest you’ll accumulate as you’re paying it off and offer repayment solutions. You’ll receive comprehensive – yet, easy-to-understand – results that are personalized to your individual spending habits. Don’t worry, your information is always confidential.
See how long it will take until you’re debt-free. Here’s how to use our debt calculator:
A customized credit card debt repayment plan. See if it will take weeks, months or years to pay off your current debt – and how much you will have to contribute each month. With the option to adjust your monthly payments using the calculator’s sliders, you can see how this payment can either increase or reduce the time it will take you to pay off your debt.
Our smart calculator also displays the interest you are accruing on your debt based on the interest rates of your current credit cards.
It’s important to note that this calculator assumes that you are paying and spending a fixed amount each month. The actual time it will take to pay off your credit card debt will depend on various factors including, but not limited to, whether you will continue to spend as you pay it off as well as your monthly income.
Personalized credit card recommendations. When it comes to paying down credit card debt, it’s easy to accrue interest fees but hard to keep up with them. You work hard for your money so why waste it on avoidable fees? That’s why, we provide tools to compare which Canadian credit card is best for you when it comes to repaying your debt.
Based on your financial profile, we suggest and compare potential lenders and types of cards – either, a low balance transfer credit card or a low interest credit card. No pressure – you have the option to learn more about each offer before you commit. Once you’ve made a decision, you can connect to the lender to apply for the credit card directly.
Credit card debt happens when you spend more than you’re able to pay back. So, a good rule of thumb is to charge only what you can afford but sometimes it’s easier said than done. Student loans, unforeseeable emergencies, your daily needs like transportation, food and entertainment – every now and then, overspending is inevitable and understandable. But, make paying it off a priority and try to limit any additional charges when you’re in repayment.
Low interest credit card Don’t have a lot of debt? Sometimes experience a lingering balance? A low interest credit card can help you get ahead of debt. The low rates mean that interest will not accumulate as fast as other cards – this means you can get rid of your looming balance more quickly.
Low balance transfer credit card Experience on-going debt on one or more cards? Looking to get rid of debt fast? A low balance transfer card allows you to move the existing balance of one credit card to another with a much lower interest rate. But the low interest rate doesn’t last forever – which is why you should make it your goal to pay off your debt before the introductory rate ends.
Thankfully, RateSupermarket.ca makes it easy to compare the best credit cards on the market by providing all the information you will need to make a well-informed decision.