Presets by total unsecured debt

Tap a preset to populate the table. You can edit any numbers after.

Quick-add debt chips

Interest saved vs minimums compares your plan to making only minimum payments until everything is paid. It shows how many dollars of interest you avoid.

Payoff order

When a debt is paid off, its minimum payment is rolled to the next target.

Getting out of debt usually requires two ingredients — a clear plan and consistent cash flow. This planner gives you both. Below is a deeper guide to help you decide which strategy and products fit your situation, and how to use them without unintended costs.

Highest-Rate-First vs. Smallest-Balance-First

Our default approach targets the highest APR first because removing the most expensive interest typically saves the most money. Many people also like the smallest-balance-first (often called Snowball) because quick wins build momentum. You can mimic Snowball by entering a larger extra amount temporarily to clear one small balance, then returning to a sustainable number.

How interest really adds up

Revolving debts like credit cards compound interest on the remaining daily balance. If you only make minimum payments, the term can stretch for years and you may repay 2–3 times the original purchase cost. Fixed-payment installment loans amortize on a schedule, but extending the term increases total interest. Extra principal payments shorten the schedule and reduce interest immediately.

Popular debt relief options in Canada

• Debt consolidation loan replaces multiple balances with one fixed-rate loan. Pros — predictable payments, potential rate reduction, credit score can benefit with on-time payments. Cons — requires qualifying credit/income; watch origination fees and long terms that increase total interest.
• Balance transfer credit card offers a promotional low rate for a limited period. Pros — fast savings if you can pay down during the promo window. Cons — transfer fees, promo expiry, and high go-to APR afterward; discipline required.
• Debt management plan (DMP) through a nonprofit credit counselling agency. Pros — possible interest rate reductions from creditors, one consolidated monthly payment, structured plan. Cons — accounts are typically closed; there may be set-up/maintenance fees; program appears on your credit report during participation.
• Consumer proposal administered by a Licensed Insolvency Trustee. Pros — legally binding reduction of debt with structured payments; stops collections. Cons — serious credit impact for several years; fees; not all debts eligible.
• Bankruptcy provides a legal discharge of eligible debts. Pros — a fresh start when debts are unmanageable. Cons — significant credit consequences and asset implications; reserved for severe cases.

Choosing the right path

If you can qualify for a consolidation loan below your weighted average APR and keep the term reasonable, consolidation often lowers both the payment and total interest. If credit is strained, a DMP can secure creditor concessions without a formal insolvency. For truly unmanageable debt, speak to a Licensed Insolvency Trustee to compare a consumer proposal vs bankruptcy.

Budgeting and cash-flow tips

• Automate the extra payment on pay-day so it isn’t spent elsewhere.
• Use windfalls — bonuses, tax refunds, side income — as lump-sum principal payments.
• Track your total monthly payment including all minimums to ensure the plan is realistic.
• Trim variable costs for a few months to jump-start momentum, then re-introduce selectively.

Avoiding common pitfalls

• Don’t close your oldest credit card if it hurts credit history length; keep it open with occasional small charges paid in full.
• Avoid running balances back up after consolidating; store cards and credit lines can be tempting.
• Check for prepayment penalties on installment loans before making large extra payments.
• Read fee disclosures — origination, annual, transfer, and set-up fees can reduce or eliminate savings.

When to seek help

If minimums are unaffordable, collection calls are frequent, or accounts are past due, talk to a qualified counsellor. A reputable agency will review your full picture and outline options without pressure.

Disclaimer: Educational information only and not financial advice. Product availability and creditor policies vary by province and lender.