Debt repayment calculator
Use our free debt repayment calculator to compare your debt relief options. Whether you’re juggling credit cards, loans, or overdue bills, this tool gives you a clear breakdown of your potential repayment options.
Compare your options with our debt repayment calculator
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Options To Eliminate Your Debt |
Monthly Payment (approximate) Over 5 Years |
Total Cost Over 5 Years |
Total Savings Over 5 Years |
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Credit Counselling
No Principal Reduction |
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Debt Consolidation
Added Interest Costs |
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Repay Debt on Your Own
Added Interest Costs |
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It's never too late to obtain debt help. Book your free consultation today
- Phone number
- 800-268-8093
- hello@harrispartners.ca
Debt Repayment Calculator Contact Form
How to calculate debt repayment in Canada
To calculate your debt repayment in Canada, start by adding up all your debts. This can include credit cards, payday loans, medical bills, and anything unsecured. Make a note of the interest rates and minimum points, too. This gives you a starting point.
Then, use a debt repayment calculator to see how long it might take to clear your balance through different debt relief options. The most common debt relief solutions include consumer proposals, debt consolidation, and bankruptcy (but this should only be taken as a last resort). Once you have an overview of this, you’ll be able to take a confident next step.
How much could you save with the consumer proposal calculator?
A consumer proposal can write off up to 80% of your debt in Canada. With a consumer proposal calculator, you can see what this might look like for your specific situation.
Just enter your income, expenses, and debt total. The calculator gives you an idea of what your monthly payments could look like with a consumer proposal, compared to other solutions like debt consolidation or credit counselling.
It doesn’t affect your credit score to use it, and there’s no commitment. You’re simply getting a clearer picture of your options.
Debt repayment calculator FAQs
How can I pay off large amounts of debt fast?
Start by cutting expenses and increasing your monthly payments—every extra bit helps. Focus on high-interest balances first (the avalanche method), or knock out small debts for a quick win (the snowball method). If your debt feels unmanageable, explore solutions like a consumer proposal.
How long will it take to pay off $40,000 in credit card debt?
It depends on your interest rate and monthly payments. If you only pay the minimum on $40,000 at 19.99% interest, it could take decades to pay off—and cost far more than the original debt. Paying around $1,000/month could clear it in under five years. For a clearer look at timelines for your specific debt amount, use a debt repayment calculator. This will help you compare debt relief solutions so you can find the fastest, most realistic route forward.
What age should I be debt free?
There’s no “right” age to be debt-free. Many aim to clear high-interest debt like credit cards by their 40s or 50s, while mortgages or student loans may last longer. The real goal is manageable debt that fits your budget and doesn’t hold you back. If your repayments stop you from saving or cause stress, it might be time to make a plan.
What is an unhealthy amount of debt?
Debt becomes unhealthy when repayments take up more than 35% of your monthly income or you’re relying on credit to cover essentials. Struggling to keep up, missing payments, or feeling constant stress are all red flags. Even if you’re managing for now, interest can build fast—especially on credit cards or payday loans.
