How to Crush Your Debt Faster
Credit card debt is the most expensive type of debt in Canada, often carrying interest rates of 19.99% or higher. Using a payoff calculator helps you visualize the light at the end of the tunnel.
Snowball vs. Avalanche Method
❄️ Debt Snowball
Pay off your smallest balance first. This gives you quick psychological wins and builds momentum.
🏔️ Debt Avalanche
Pay off the highest interest rate first. This is mathematically superior and saves you the most money over time.
How Interest Kills Your Budget
If you only make the "Minimum Payment" on a $5,000 credit card balance, it could take you over 11 years to pay it off, costing you thousands in interest. Adding just $50 extra per month can shave years off your debt freedom date.