Cost of Credit Cards Debt
See how much your credit cards are really costing you.
Cost of credit cards
The total number of months required to bring the balance to 0:
Total paid in interest alone:
Very good! However, the closer your result is to 5 years, the more you should reimburse a slightly higher fixed amount. If you redo the calculation with a higher and fixed amount, you will be surprised by the difference in the required repayment period and interest costs that you will save.
A repayment period of 5 to 10 years is very long and the interest costs will eat away at your budget for years to come. The very first thing to consider would be a debt consolidation loan that you can apply for at your financial institution. To find out if this s the right solution for you, we invite you to go through the following steps:
A repayment period of this scale increases your interest costs at a straggering rate. You should consider a debt consolidation loan that you can apply for at your financial institution. To find out if this is the right solution for you, we invite you to go through the following steps:
Step 1: What would be my loan payment?
Most consolidations must be reimbursed within 5 years and the minimum interest rate charged is usually at least 12%.
Step 2: Can I afford such a payment?
Preparing a budget is not an easy task but it is the key to keep your expenses within your means. Do not hesitate to call us if you need help.
Step 3: Am I eligible?
You should be aware of your debt ratio because all financial institutions will calculate it before they decide to grant or not a loan or credit line.
To obtain more information on all debt solutions, please click below or call us for a free and confidential consultation.