Debt Payment Calculator

A consumer proposal is a debt relief program specifically designed for Canadians who can’t repay their debts in full. It can reduce your debt by up to 80% — with that portion completely forgiven — and lets you repay the rest through one affordable monthly payment, with no interest or additional fees.

You can use the debt payment calculator to estimate your new monthly amount and understand what a realistic plan might look like. It’s one of the easiest ways to calculate how much you save with a consumer proposal — and take back control.

Debt consolidation rolls all your debts into one loan. It may simplify payments, but it doesn’t reduce what you owe. Most consolidation loans come with interest rates around 15 – 18% (with some as high as 30%), so you still end up paying more over time.

You’ll also need to qualify based on your income and credit score. Unlike a consumer proposal, a consolidation loan doesn’t offer legal protection — which can matter if you’re already behind on payments or facing collections.

Use the debt payment calculator to compare both options, and calculate how much you save with a consumer proposal if you’re not eligible for a loan.

Waiting doesn’t make your debt go away. High-interest debt (especially from credit cards or payday loans) can snowball quickly. If you’re only making minimum payments, you may never catch up.

That’s why using a tool like the debt payment calculator can make such a difference. It helps you understand what doing nothing will actually cost you — and how much better your path could look if you calculate how much you save with a consumer proposal instead.

Yes — it’s completely free, with no login or personal info required. Use the debt payment calculator as often as you like.

Yes. You can use it as a debt payment calculator to get a rough estimate of your monthly payments and total savings. But remember to connect to with a Licensed Insolvency Trustee (LIT) to get specific details for your situation.

This calculator works for unsecured debt such as credit cards, personal loans, payday loans, and lines of credit.

This is just an estimate. For exact numbers and a custom plan based on your income and expenses, you’ll need a consultation with a Licensed Insolvency Trustee. We offer a free consultation to help you explore your options.