student sitting in library using their laptop and reviewing debt repayment calculators to determine her debt help options

The Benefits of Using Our Debt Repayment Calculator

Do you need to pay off a credit card or student loan? If so, using our debt repayment calculator can help you find the quickest path to debt relief.

On our website, we have several free financial calculators that can help you better understand your debt situation and determine if you would benefit from the professional guidance of one of our licensed insolvency trustees.

 

How Interest Collects

Interest can quickly add up, especially if you have multiple debts. Furthermore, if you’re only making minimum payments, all of your money is probably going toward paying the interest rather than chipping away at your principal. However, if you make a plan and commit to issuing consistent payments on just one debt at a time, you’ll effectively lower your principal and be charged less interest. This strategy can help you pay off your debt faster.

 

How to Use Our Debt Payoff Calculator

If you want to become debt-free, using our online debt repayment calculator can help you discover exactly how and when you can make that happen. The accelerated debt payoff calculator on our website is extremely easy to use and only requires you to provide three pieces of information:

  1. The amount of debt you currently have
  2. The interest percentage you pay each year
  3. The amount of money you can afford to put toward paying off your debt each month

Once you’ve inputted your information, the calculator will determine the number of months, or years, it’ll take you to pay off your debt so you can come up with an effective debt repayment plan.

If the calculator determines it’ll take you more than three years to pay off your debt, you may want to reach out to one of D. & A. MacLeod Company Ltd.’s licensed insolvency trustees. We can work with you to help you overcome your financial difficulties by offering debt counselling and assisting if you need to make a consumer proposal, file for bankruptcy or consolidate your debts.

 

Licensed Insolvency Trustees In Ottawa and Eastern Ontario

At D. & A. MacLeod Company Ltd. we understand that being financially insolvent can be overwhelming. If you have several types of unsecured debts hanging over your head, we can help. We offer a variety of debt help services and would be happy to discuss your options with you to find a solution that meets your needs. Contact us today for a free, no-obligation consultation. We have eight offices across Eastern Ontario, and you can find us located in Ottawa, Kingston, Brockville, Cornwall, Kanata, Pembroke, and Smiths Falls.

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