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Debt Repayment Calculator

Reduce your debt by up to 80%

At Spergel, we have helped Canadians begin a fresh financial future for over 30 years, and we are here to help you too.

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Enter your total unsecured debt. Unsecured debt means debt that is not tied to an asset or collateral like credit cards. Do not include any secured debt (like mortgages, car payments, etc.).
The debt relief calculator works out how much you will need to repay depending on the timeframe you choose.

Your debt relief options

Your monthly payment

Debt Consolidation

Debt Consolidation

Do nothing. Pay in full.

Do nothing. Pay in full.

Your monthly debt relief payment // Your overall debt relief payment

This calculator is for demonstration purposes only.

Are you struggling with different types of debt like credit card debt, payday loans, or tax debt? Not sure which to pay off first, or even how to get debt relief? Our debt repayment calculator will help you to determine how much each form of debt relief could cost you by making a simple comparison. We will also explain each form of debt relief to you, from debt consolidation to consumer proposals.

A consumer proposal is a legal form of debt relief that reduces your debt by up to 80%. At Spergel, unlike other debt relief firms, you will be assigned your very own Licensed Insolvency Trustee to walk you through the entire process of filing a consumer proposal. You will begin by working with your trustee to establish a reasonable monthly payment to make to your creditors. Your trustee will then work to negotiate this amount with your creditors on your behalf – usually at a fraction of the original debt. Together, you will create an affordable payment plan, and the rest of your debt will be cleared. The advantages of a consumer proposal include the following:

Debt consolidation most often refers to a debt consolidation loan – a new loan that is taken out to condense multiple separate debts into one. As well as allowing for a single simplified monthly payment, it often lowers your interest rate or clears it completely. In order to gain a debt consolidation loan, you need to have a steady stream of income, and be able to cover your payments including interest. Debt consolidation loans allow you to spread your payments across a longer period of time, making them much more affordable overall.

Spergel has helped over 100,000 Canadians gain debt relief.

Our Licensed Insolvency Trustees will provide the personalized financial review you need, answering any questions you have and recommending a pathway to debt relief. Book a free consultation at your convenience with one of our Licensed Insolvency Trustees today to begin your journey to financial freedom. You owe it to yourself.

Book a free consultation Learn more about a consumer proposal

This calculator is for demonstration purposes only.