If you carry credit card balances every month, you could benefit from making fixed payments until you pay the debt off. Instead of following the minimum payment schedule, find a fixed amount that works for your budget. This fixed payment calculator can help you find the right payments to meet your needs.
How long should it take to pay off my debt?
Ideally, you should be able to eliminate a balance in full within one year by making fixed payments. If you have more than one balance to eliminate, then you should be able to pay them all off within 3-5 years. If you can’t find a payment that will work with your current plan, then you should speak to one of our financial coaches or credit counsellors.