Canada & United States debt planning
Compare avalanche and snowball strategies using the same monthly budget, in CAD or USD. Get a payoff order, estimated interest and a month-by-month debt-free timeline.
Enter up to five balances. Leave unused rows blank.
The right method is the one you can follow. The Financial Consumer Agency of Canada describes both approaches and notes that minimum payments still need to continue on every debt.1
The right method is the one you can follow. In the Federal Reserve’s September 8, 2026 G.19 release, Q2 2026 commercial-bank credit-card APRs averaged 20.94% across all accounts and 22.15% for accounts assessed interest.4 These are national series, not an offer—enter the APR from your own statement. CFPB guidance supports directing extra payments to high-rate debt when minimizing cost is the goal.5
The mathematical route
Direct every extra dollar to the highest-APR debt. Once it is gone, roll that payment into the next-highest rate.
The momentum route
Direct every extra dollar to the smallest balance. Each cleared account creates a visible early win.
Combining several debts into one payment can simplify your finances. If the new product has a genuinely lower rate, it may also reduce cost—but extending the repayment period can increase total interest. FCAC recommends comparing terms and making sure the new product actually improves your situation.2
Combining several debts into one payment can simplify your finances. CFPB warns that teaser rates, fees and a longer term can leave you paying more overall, even when the monthly payment falls.5
A balance-transfer card may offer a lower or 0% introductory rate for a limited period. FCAC notes that transfers usually carry a fee, minimum payments still apply and a missed payment may cause you to lose the promotional rate.2 Read the offer’s duration, transfer fee, eligible balances and post-promotion rate before applying.
A US balance-transfer card may offer a low or 0% introductory APR, but the issuer may still charge a transfer fee.6 CFPB says the issuer must disclose the promotional period and post-promotion rate; introductory rates generally last at least six months unless a payment becomes more than 60 days late.7
With the same fixed monthly budget, targeting the highest interest rate first generally minimizes interest and can shorten the payoff period. The smallest-balance-first method can still be effective if early wins help you stick with the plan.
This calculator is designed for revolving and instalment debts with a stated APR and minimum payment. Mortgages often use different compounding and prepayment rules, so use a dedicated mortgage calculator for them.
If a payment is lower than the interest charged that month, the unpaid interest increases the balance. Confirm the required payment with your lender. The calculator warns when the entered budget does not produce a payoff within its modelling limit.
No. Add any transfer fee to the opening balance if you want to model it. Also enter the applicable APR; this tool does not model a promotional rate changing partway through the schedule. In the US, a fee may apply even to a 0% offer.6
FCAC recommends considering past-due accounts first because late payments can add charges, hurt credit and lead to collections. Contact the lender promptly if you expect trouble making a payment.1
Contact the lender promptly if you expect trouble making a payment. A nonprofit credit counsellor may help you evaluate a budget or repayment plan; be cautious about debt-settlement claims and compare costs before agreeing.5
No. They are planning estimates. Actual interest timing, daily compounding, fees, changing rates, new transactions and lender payment rules can change the result.
Community resource
If the balances feel unmanageable, non-profit credit counsellors will review your options for free — budgeting, debt-management plans, and referrals — with no sales pitch.
Find free credit counsellingCommunity resource — not an affiliate link.