Credit card payoff

At typical card rates, a big part of each payment goes to interest. A fixed, higher payment shortens the timeline dramatically.

Assumptions

Monthly compounding, no new purchases.

General information, not financial advice. This calculator gives rough estimates from simplified assumptions. It does not know your full situation. Check with a qualified professional and the official sources before making decisions.

Sources

FCAC (Canada.ca): Improving your credit score

Figures checked October 16, 2026. Rules and limits change; confirm with the source before acting.