Debt Relief Experts
Debt Options Calculator
Our debt calculator provides a comparison of what your monthly debt repayment might look like under different debt relief options including a debt consolidation loan, debt management plan and consumer proposal. Actual results may vary as each situation is unique. Your actual payments will be based on your income, assets and debts but this calculator provides a comparison of the potential cost of each option.
Simply enter your total unsecured debt, including credit card debt, bank loans, lines of credit, payday loans and tax debts. Do not include mortgage or secured car loans.
Enter Your Total Unsecured Debt
| Options To Eliminate Your Debt |
Monthly Payment (approximate) Over 5 Years |
Total Cost Over 5 Years |
Total Savings Over 5 Years |
|---|---|---|---|
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Consumer Proposal Pay Less than Principal Debt Amount |
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Credit Counselling No Principal Reduction |
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Debt Consolidation Added Interest Costs |
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Repay Debt on Your Own Added Interest Costs |
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Got Questions?
Call: 1-866-747-0660 or fill out the form below to get started.
Debt Repayment Options
See below for different strategies for managing and eliminating debt.
Consumer Proposal
A consumer proposal is a formal and legally binding agreement between you and your creditors to help settle your unsecured debt. Administered by your Licensed Insolvency Trustee, a consumer proposal renegotiates and reduces your debt to creditors. You repay a portion of the original debt based on your financial abilities over 5 years. During this period, you’re protected from creditor collection actions.
Credit Counselling
Credit counselling services help you develop a budget and manage your finances to repay your debt. You can sign up for a debt management plan through a credit counsellor, through which a credit counsellor can negotiate lower interest rates, design a personalized repayment plan, and simplify your monthly payments.
Debt Consolidation
Debt consolidation combines your debt into one loan and monthly payment. This method can provide a lower interest rate than credit cards and other debts.
Repay Debt on Your Own
Repaying debt on your own means making regular payments according to the original agreement with your creditors. You can also negotiate your payments with your creditors on your own, but it may not be the best choice if you have a lot of debt.
Eliminate Debt With a Consumer Proposal
Each debt repayment strategy carries unique advantages and suits different financial circumstances. Learn how consumer proposals can benefit you with legal protection, formalized terms, fixed terms, and more. Schedule a free consultation with Hoyes Michalos to explore your options and start the process toward becoming debt-free.