Making the minimum required payment on your credit card or line of credit maximizes the profit for the credit card companies and banks, while at the same time, puts you on a lifetime treadmill eliminating any chance for you to make a significant reduction in your debt(s). The banks encourage this situation by increasing your credit limit without your even asking! For many Albertans, this is the situation they have found themselves in.
The Debt Retirement Calculator put together by Bankruptcy Alberta allows you to pick a payment you can afford. Insert your selected payment into the Debt Retirement Calculator, and see how much sooner your debt will be paid off if you increase your payment. Interest rates can be adjusted to match the rates on each of the credit cards you hold, such that a calculation can be done for each card. Users of our Bankruptcy Alberta Debt Retirement Calculator will note that even a slightly larger payment will have a tremendous impact on your debt and shorten the timeline required for you to pay that debt off.
