What Are Your Minimum Monthly Payments Costing You?

The Financial Consumer Agency of Canada has a great assortment of interactive tools to help you in your quest to be debt free. One of our favourites is the Credit Card Payment Calculator Tool.

This easy informative tool will show you what only making minimum monthly credit card payments will cost you in terms of interest and time. By comparing the effects of other types of payment options, this great tool will enable you to quickly decide how best to pay down your credit cards.

In addition to paying down credit cards effectively, this handy tool also contains information on other ways to cut your credit card costs. With informative links to articles on better understanding how credit cards work and how to select the credit card that is best for you – this a great source for educating yourself on the wise use of credit.

Some of the other interactive tools at this great site include:

• A Budget Calculator that will help you determine if you have a realistic budget. Warning – this is one serious review of your budget, so be prepared!


• Two great banking tools – the Banking Package Selector Tool – and the Savings Account Selector Tool, help you find the banking firms that offer the chequing and savings accounts that meet your needs.


• The Credit Card Selector - will help you to find the credit cards that will meet your needs. We love this tool - it is a great way to better understand credit cards and identify those services you are not willing to pay for.


• Two Mortgage Tools - one that helps you find the type of mortgage that is right for you - and one that helps you find out if you qualify for a mortgage.

Part of being smart with your money is taking advantage of great (and in this case - Free) opportunities to learn as much as you can about managing your finances.

Take a few moments and look over the Consumer section of the Financial Consumer Agency of Canada website – we know you will be glad you did!