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Credit Card Debt Calculator

Paying off credit card debt in the most effective way possible is a key to successfully managing your finances. Calculating how long it will take to repay your debts and how much interest you will pay are also key factors as you decide if you need to get help to reduce your debts. Use this credit card debt repayment calculator to compare different payment methods. If you think you may need debt relief, give Consolidated Credit a call at 1-888-287-8506 to speak with a trained credit counsellor in a free consultation or get started online with a Free Debt Analysis.

Enter the information below as directed. You should be able to find the information on your most recent credit card statement. Once you complete all fields click CALCULATE. You may use decimal points on cash values, but do not enter any other special characters, such as commas, $, %, etc. If you need assistance, click the blue help bubbles for more details.

General Credit Card Information

Find the information below on your most recent credit card statement:

Credit card balanceThis is the current total amount owed on your credit card. You can find this on your most recent credit card statement. Current account balance: $   Annual percentage rateThis is the interest rate you pay annually on your credit card. This can be found on your credit card statement. Annual percentage rate (APR): %


Repayment Option 1: Minimum Monthly Payments Only

This shows how long it will take to pay off your credit card balance making only the minimum payments required.

Minimum Monthly Payment CalculationThis is the percentage or formula used to determine the minimum payment required on your credit card statement each month. This calculation should be specified in your Credit Card Agreement Disclosure and/or on your credit card statement. How is your minimum payment calculated?   

Given the information you provided, your first minimum monthly payment will be $0.00. Please note your minimum payment decreases as you pay off your credit card balance.


Repayment Option 2: Minimum Monthly Payment Plus

This option shows how long it will take to pay off your credit card debt if you can commit to paying a set
extra amount plus the minimum payment required each month. In this way, you always pay more than the minimum amount required by your creditor.

Example: minimum payment + $20

Additional monthly paymentThis is the extra money you can commit to spending in addition to the minimum monthly payment in order to pay off your credit card sooner—i.e. if you can commit to paying $20 extra in addition to your minimum payments, enter “20” in the box. Additional monthly payment:    $
First minimum monthly paymentThis is your calculated first minimum monthly payment. This is calculated automatically using the information provided above. First minimum monthly payment: + $
 First total monthly payment: = $

Repayment Option 3: Fixed Monthly Payments

This option shows how long it will take to repay your credit card debt if you can commit to making fixed payments each month. Regardless of the minimum payment required, you pay the same amount each
month.

*Your fixed payment must be greater than or equal to your first minimum monthly payment.*

Fixed monthly paymentThis is a set amount of money you can commit to spending each month to pay off your credit card, regardless of the amount owed on your monthly statement. It must be greater than or equal to your first minimum monthly payment. Fixed monthly payment: $


Note: Government regulations require credit card issuers to disclose on your credit card statement how long it will take to repay your debt making minimum payments. Estimates are often rounded up to the next $100. This debt calculator uses your actual credit card balance, so the results may vary from the estimate shown on your statement.





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Coping with Financial Stress

If you're under financial stress, you may be arguing with your spouse or family members about money, experiencing headaches or panic attacks, hiding bills or receipts from family members, or finding it difficult to sleep at night. Your eating habits may have gone south, and you may find it hard to make it through the day. Use this guide to help you deal with your stress.

We are a proud member of the Canadian Association of Credit Counselling Services (CACCS), the national voice for not-for-profit credit counselling services. As a CACCS member, you can trust that our trained credit counsellors strive to provide the best in professional, independent and unbiased personal finance services. We’ve helped hundreds of thousands of Canadians find relief from debt. Call us today to find out if we can help you.

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