FCAC launches Credit Card Payment Calculator

The Financial Consumer Agency of Canada (FCAC) has launched a new interactive tool called the Credit Card Payment Calculator which was designed to help consumers better understand the advantages of paying off the balance on their credit cards as quickly as possible. The Credit Card Payment Calculator compares three payment options: the minimum payment required, the minimum payment required plus an additional amount and a fixed monthly amount higher than the minimum payment. Once all the data are entered in the calculator, it figures out the amount of interest, the total amount paid and any money saved with the repayment option chosen. Depending on their financial situation, consumers can change the data entered to see how they can minimize their interest charges. Consumers will be able to access the Credit Card Payment Calculator and give their feedback by visiting the FCAC's Web site. The calculator complements the interactive tool Credit Cards and You, which helps consumers choose the credit card that best meets their needs. The Financial Consumer Agency of Canada provides consumers with objective, timely information to help them choose the financial products and services that best meet their needs. FCAC also informs Canadians about their rights and responsibilities when dealing with financial institutions. It ensures that federally regulated banks and trust, loan and insurance companies comply with consumer protection laws and agreements.