Debt management is one of the biggest challenges facing Canadians today. On average the debt to income ratio for Canadian households has been growing alarmingly out of control.
While mortgages typically represent the bulk of household debt, many Canadians also have lines of credit, consumer loans and credit card debt that are accrruing interest.
Of these, the interest rate on credit cards is often the highest rate among all the various forms of debt that Canadians may carry. Our credit card repayment calculator will calculate what you need to do in order to pay any balance on your credit cards.