Avoid becoming overwhelmed by credit card debt. Instead, use a credit card calculator to create a payback plan and track your contributions. It’ll help you figure out how much you need to pay each month, giving you a clear picture of what you owe and how far (or close) you are to becoming debt-free.
The credit card calculator is easy to use. First enter three numbers:
- The total amount owed on all your credit cards
- The average interest rate of all your credit cards
- The average amount of money you contribute to payments
If you already have a debt-free target date, it’s time to create a timeline. Enter the number of months you think it’ll take to pay off your balances, then the calculator will figure out how much you need to pay each month.
Click here to use the credit card calculator.
After you use the credit card calculator, try comparing credit cards on our site. Our comparison engine lets you quickly compare credit cards from Canada’s leading vendors, so you can find a card that matches your spending habits and your financial profile.