Debt Calculator

• Pay it down yourself: your monthly budget at your current rate, with no new borrowing.
• Debt consolidation: a loan of 12 to 60 months at about 5% with excellent credit, 10% with good credit and 25% with poor credit. Lenders usually want good credit or better.
• Credit counselling: interest cut to 5%, the top of the usual 0 to 5% range, over 36 to 60 months. Agency fees are extra.
• Debt settlement: debts settled for 50% (the middle of 40 to 60%) plus fees of up to 25%, over 24 to 48 months.
• Consumer proposal: you repay 30% of what you owe over up to 5 years, once your creditors accept. It covers unsecured debt between $1,000 and $250,000.
• Bankruptcy: at least $1,800 in fees, over 9 months for a first bankruptcy, or up to 21 months if your income is above the surplus income limit.
• Each plan uses the shortest term your budget allows. Plans your budget can’t cover show their lowest possible payment. A consumer proposal or bankruptcy is only suggested when the plans that repay everything don’t fit.

Estimates only, for comparison. Your real numbers depend on your creditors, your income and the provider you work with. Settlement estimates of 40 to 60% are examples of past performance and are not intended to be a guarantee of future settlement results. Debt.ca does not assume or pay any debt.