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List your debts and make a plan to pay them off

  1. Enter exact amounts and interest rates.You get a better overall view of your current situation and a more reliable repayment plan.

  2. Determine which debt you want to repay first. Some people prefer to start with the highest balance or highest interest rate (our recommendation). Others prefer to repay the smaller amounts first, which can be very motivating. Each time you scratch a debt off the list you get a sense of accomplishment, which motivates you to keep going. To find out more, see 2 ways to repay your debts.

  3. As soon as a debt is paid off, put the money that was going toward it toward the next debt on the list. Resist the temptation to use the money for an evening out, new clothes or the latest techno gadget. When you're in debt, it's important to pay off your debts as fast as possible so you can pay less in interest charges and be able to start saving for future projects.

  4. Print out results if need be.

Choisir un produitWould you like to keep your calculation results on your desktop so you can modify them later on? Simply download the PDF version of the “List your debts and make a plan to pay them off” tool (PDF, 224 KB).

Examples of debts

Who do you owe? VISA
Who do you owe? My father
Why? Credit card balance
Why? Condo downpayment
Amount : $3,200
Amount : $25,000
Interest rate : 19%
Interest rate : 0%


Who do you owe? Why?  Amount: $  Interest rate:
  
 
 
  % 		Monthly payment:
 Total interest paid:
Who do you owe? Why?  Amount: $  Interest rate:
  
 
 
  % 		Monthly payment:


 Total interest paid:
Who do you owe? Why?  Amount: $  Interest rate:
  
 
 
  % 		Monthly payment:


 Total interest paid:
Who do you owe? Why?  Amount: $  Interest rate:
  
 
 
  % 		Monthly payment:


 Total interest paid:
Who do you owe? Why?  Amount: $  Interest rate:
  
 
 
  % 		Monthly payment:


 Total interest paid:
Who do you owe? Why?  Amount: $  Interest rate:
  
 
 
  % 		Monthly payment:


 Total interest paid:
Who do you owe? Why?  Amount: $  Interest rate:
  
 
 
  % 		Monthly payment:


 Total interest paid:
Who do you owe? Why?  Amount: $  Interest rate:
  
 
 
  % 		Monthly payment:


 Total interest paid:
Who do you owe? Why?  Amount: $  Interest rate:
  
 
 
  % 		Monthly payment:


 Total interest paid:
Who do you owe? Why?  Amount: $  Interest rate:
  
 
 
  % 		Monthly payment:


 Total interest paid:



Did you know?

To avoid problems with your creditors (lenders), make at least the minimum payment due on time on all your debts. It's imperative not to get behind in payments to creditors because if you miss a payment, it will cost you dearly. In addition to paying interest charges, you'll end up with a bad credit rating. Find out more about credit ratings.

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Money question

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A few statistics

Institut de la statistique du Québec, 2007:

  • Average rate of consumer debt: 36.2% (debt to disposable income ratio).
  • Average personal savings rate: 5% (savings to disposable income ratio).