If you are feeling overwhelmed with debt, or just need a helping hand to learn how to manage debt we are here to help. Tara - Branch Manager Many of us have debt in a number of different places.
There's credit cards, store cards, car loans and lines of credit...
Many people are aware this strategy could reduce their total monthly payments and save them money, but they don't know how much. This calculator can show you exactly how much carrying debt on your higher-rate cards is costing you every month.
First, gather your current billing statements from all your credit cards, or check them online.
A Mortgage is a long term debt to help finance the purchase of your home, leaving you with a financial asset when it is paid off.
Everywhere you turn it seems credit is being offered, credit card offers in the mail, at the supermarket and "Buy Now - Pay Later" incentives. If you're choosing a credit card for a rewards program, for example to take that free flight, make sure the benefit is greater than the annual fee.
So instead of making multiple payments, you're now just making one.
The Credit Card Optimizer is designed to help you figure out the best way to spread your credit card debt among your current credit cards, and assess the potential benefits of shifting your debts to a new, lower rate card.
In that situation, consolidating the debt onto one or two lower-rate cards, or obtaining a lower-rate consolidation loan, can save a significant amount of money.
This will help identify which debts to pay off first.
The key is to minimize interest costs, so paying off the debt with the highest interest rates is a good starting point.
To use this tool you will need to know your credit limit, current balances, and current interest rates for each of your credit cards.
After you have entered this information, the optimizer will determine how you should redistribute your credit card debt to create the lowest monthly interest payment and pay down your debt as quickly as possible.