A column by Margaret H. Johnson. As featured on MyTelus.com and Shaw: Finance.
Margaret H. Johnson ACE, RQIC, has over 35 years of financial industry experience in both lending and collecting. She is an Accredited Insolvency Counsellor, Registered by Industry Canada.
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These calculations are not exact. The purpose here is to give an approximation of the finance charges that will accrue at a given rate of repayment of credit card debt. When deciding which debts to pay off most quickly,
it is a good idea to look carefully at the interest rate being charged,
and focus on paying down the debt with the highest interest rate. |
