Disclosure: VaultFlow is ours. The advice works with any app, or with pen and paper.
In short
Stop adding to the cards, pay the minimum on all of them, and throw every extra dollar at one card at a time — the highest interest rate first (avalanche) or the smallest balance first (snowball). Credit cards in Canada often charge around 20%, so every month counts.
- Stop the bleeding: no new charges.
- Avalanche saves the most; snowball keeps you going.
- Track every card’s balance monthly.
1. Stop adding to it
Take the card out of your phone wallet and online shops. Use debit for a few months.
2. List every card
Balance, interest rate, minimum payment. Seeing the total is uncomfortable — and it’s the start.
3. Pick a method
- Avalanche: extra money goes to the highest interest rate first. Saves the most interest.
- Snowball: extra money goes to the smallest balance first. Quick wins keep you motivated.
Both work if you stick with them. Pick the one you’ll keep doing.
4. Find the extra money
Cancel two subscriptions, sell something, put any raise or tax refund straight onto the card. Even $100 a month shortens the payoff by years.
5. Ask about lower rates
Call your bank about a lower-rate card or a balance transfer offer — read the fees and when the promo rate ends.
Track it with VaultFlow
- Add every card. Any number of credit cards, each with its own balance and limit.
- Pay from the right account. Mark a bill paid and it comes off the right account, with Undo; move money between accounts in one step.
- Watch net worth rise. Every dollar off a card raises your net worth, shown with a chart over time.
- Make it a goal. A goal shows progress and how much to put aside each month.
VaultFlow is free, with no bank login — import your statement file or add numbers yourself.
Common questions
What is the fastest way to pay off credit card debt?
Stop new charges, pay minimums on all cards, and put every extra dollar on the highest-rate card first.
Avalanche or snowball?
Avalanche saves the most interest; snowball gives quicker wins. Choose the one you’ll stick to.
Should I do a balance transfer?
It can help if the fee and promotional period make sense — check when the rate ends.
Can VaultFlow track my credit cards?
Yes — any number of cards, each with its own balance and limit.
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