How to use our debt consolidation calculator
At Fairstone, we understand keeping track of multiple bills and debts can sometimes be a challenge. Imagine the relief of only having to pay one bill to one provider once a month instead.
If you’re thinking about consolidating your debts, try our debt consolidation calculator. It’s one of the tools we’ve created to help you decide if debt consolidation, or another type of borrowing solution, is right for you.
Here’s how to use our debt consolidation calculator:
1. Create a list of all the bills and debts you’re paying now that you’d like to pay off — credit cards, loans, utility bills, etc.
2, Select the type of bill you’re paying. If one of the bills you’re paying isn’t listed as a “type”, select “other.”
3. Add the outstanding balance on the debt.
4. Enter the interest rate charged on the debt.
5. Estimate your minimum monthly payment amount.
(Hint: you can find your minimum payment on your monthly statements. Or, a general rule is that you owe at least 3% of the outstanding balance on your account. You can also estimate your minimum payment using the Government of Canada’s Credit Card Payment Calculator Tool.)
Once you’re done, hit “calculate savings”. Our debt consolidation calculator will estimate how much you could save each year through a debt consolidation loan and what your new monthly debt payment could be. The calculator will also tell you how quickly you could be debt-free if you consolidate today.*
To learn more about our loan products, visit our loan solutions page.
*The debt consolidation savings is an estimate only and does not include insurance costs or optional products, which you may choose to add on to your loan product. To get a more accurate understanding of your payment amount, submit a loan application online, by phone or in your branch.