How to Calculate Your "Debt-Age"

Look for the fine print on your credit card statement that tells you how long it will take you to pay off your balance making just the minimum monthly payment. Adding this to your current age gives you your debt-age. If this shows you’ll be older than dirt before you’re debt-free, don’t fret. We’re here to help.

Transfer Your Debt and Save

Simply switching your credit card debt to a Member Savings consolidation loan can save you hefty interest charges—and shorten the time you spend in debt. The following chart will show you how a simple switch can net you savings in the thousands. To see examples of other credit card comparisons and the difference $100 could make, go to our Credit Comparison Charts. To compare your own credit card debt to our consolidation loan, use "THE DEBT-FREEDOM CALCULATOR".

Department Store Credit Card vs. Member Savings Consolidation Loan

The comparison chart below shows the difference just switching your Department Store Credit Card debt can mean to your financial position. You can see that just by transferring your debt, not only would you save years off of repayment time, but you would also save a whopping $11,767.90 in interest. Now that is a great reason to switch.

* Member Savings interest rate is based on an average rate of 6.00% OAC.

The Impact of $100 on Your Debt-Age

Just to show you how quickly credit card debt can snowball, the chart below, shows the difference that a mere $100 can make.

Compared to spending $500 per month to be debt-free in 4.75 years, paying $100 less per month will almost double your repayment time. That's not great for your debt-age or your wallet, for the amount of interest you incur will be another $16,787.46. This shows why it is best to pay off your credit card debt as quickly as possible.

Talk to us. We are here to help.

416.864.2461

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