Are you curious to know how long it will take you to repay the balance of your Credit Card at minimum payments? How much interest will you pay in that time? The results can be quite unsettling. Enter the total amount owing on your Credit Card debt and check your results for the amount of interest and how many years you have left to pay on your debt.
If your results show it will take you longer than 5 years to repay your debt on your own, Consumer Credit Counselling is here to help with a Debt Management Plan. Please contact us by phone 1-800-565-4595 or email [email protected] for your free consultation to see if this option works for you and your Budget.
See how much you'll save by making a higher repayment.
Note: Your minimum monthly repayment amount is calculated as a percentage of your closing balance, or a minimum dollar amount of your closing balance - whichever is higher. Check your and change these amounts if your lender's amounts are different from these defaults.
**Please note this calculator is approximate based on 19.99% interest on Credit Cards only at an average minimum payment of 3% of the balance owing. These results are estimates and it is suggested to view your Credit Card statements for actual length of time it will take you to repay your debt with your credit card minimum payment as each financial institution may differ. This calculator provides an estimation and is solely used for general information and educational purposes. Actual repayment values may vary depending on each personal financial situation and the Credit Card issuer.