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How Much Does Your Credit Card Debt Cost You?

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Apr 22, 2016 2 min read

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How Much Does Your Credit Card Debt Cost You?

Find Out With Our New Credit Card Savings Calculator!

Do you want to pay off your credit cards today? Of course you do. That’s easier said than done. When you realize how much that niggling credit debt is costing you, you’ll see why it makes sense to do it today (if not yesterday!).

Perhaps the most compelling argument for paying off your credit cards is the money you’ll save on interest charges over time.  Consider that the average annual credit card interest rate is 19.9% APR. On a balance of $10,000, that’s almost $2,000 in interest in one year! If you pay only the minimum, it’ll take years to pay off and you’ll end up paying thousands in interest.

Thanks to the introduction of new technology innovations, there are now smarter and more efficient options out there for Canadians.  A credit card consolidation loan from Borrowell is one such option.With personalized low rates, many Borrowell customers use our smarter personal loans to pay off high interest credit card balances.

In as soon as 24 hours, you will see the money you need to pay off your credit card card in your bank account. On average, our customers who pay off credit cards and other debt save over $5,000* on interest expenses!

To find out how much you could save on your debt, try our interactive loan comparison calculator. Checking your rate with Borrowell is easy and won’t affect your credit score. Our borrowers receive their own personalized interest rate starting from 5.6% APR.

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Borrowell is dedicated to making financial stability possible for everyone. With over 1.5 million members, the company offers free credit scores in Canada, education, weekly credit monitoring, credit building solutions, as well as digital tools like AI-powered credit coaching and personalized financial product recommendations. For more information, visit borrowell.com or download the mobile app for Android or iOS.

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