💳 Your Debts
Choose Your Payoff Strategy
Avalanche Method
Pay minimums on all debts, then put all extra money toward the highest interest rate debt first. Mathematically optimal — saves the most interest.
Snowball Method
Pay minimums on all debts, then put all extra money toward the smallest balance first. Builds momentum by clearing debts faster.
⚡ Avalanche vs. ❄️ Snowball Comparison
⚡ Avalanche Method
❄️ Snowball Method
📋 Your Debt Payoff Order
📊 Balance Over Time
💳 Individual Debt Breakdown
📅 Month-by-Month Summary
Showing every 3 months. Rows highlighted in green = a debt is fully paid off that quarter.
| Month | Payment | To Interest | To Principal | Remaining Balance |
|---|
💡 Debt Payoff Tips for Canadians
💳 Balance Transfer Cards
Many Canadian cards offer 0% balance transfer promotions for 6–12 months. Moving high-interest debt here and paying it down aggressively can save thousands.
🏦 Debt Consolidation Loan
If you have multiple high-interest debts, a consolidation loan at a lower rate (often 7–12% vs 19.99% for credit cards) can simplify payments and reduce interest.
💰 Use Your Tax Refund
The average Canadian tax refund is around $2,000. Applying it directly to your highest-interest debt each spring can dramatically speed up your payoff timeline.
📞 Call Your Lender
Many Canadians don't know you can call your credit card company and simply ask for a lower rate. Banks often say yes — especially if you've been a good customer.