Debt payoff plan · Prepared July 2026

Every month, the debt
gets smaller. Here's the map.

One credit card is already gone. This page shows exactly where the money goes each month, which balance we attack next, and the month the last dollar is paid.

Owing today
$41,228
3 accounts (was 4)
Already paid off
$3,788
CIBC Costco Mastercard ✓
Debt-free by
Jul 2028
23 months away
If we only paid minimums
$90,000+
in interest, over decades

Where the money goes each month

Income is about $4,400/month. Living costs stay untouched at $2,400. Almost everything left over goes to debt — with a small buffer so life doesn't break the plan.

MONTHLY INCOME $4,400
Living costs — $2,400 (rent, food, car, family) Debt payment — $1,900 (the engine of this plan) Buffer — $100 (small surprises)

The debts, in attack order

Highest interest rate first — that's the order that costs the least. The two on hold get their interest covered every month, nothing more, until it's their turn.

Attacking now

TD Travel Visa

$22,400
20.99% — the expensive one

Costs ~$390/month in interest alone. Every extra dollar lands here first.

Next up

MBNA True Line

$7,828
12.99%

Interest-only (~$85/mo) for now. Gets the full firehose the month the Visa dies.

Last

CIBC Line of Credit

$11,000
10.00% — the cheapest

Interest-only (~$92/mo). Cheapest money owed, so it politely waits its turn.

The descent

Drag the slider to see what paying more (or less) each month does to the finish line. The green toggle shows the CIBC consolidation move — same debt, cheaper rate.

Total balance, month by month. Flags mark the month each account hits zero.
Debt-free
Jul 2028
Total interest
$5,523
Vs. minimums
$85,000+ saved

Milestones to celebrate

The five rules

  1. 01Cards are frozen. Every purchase goes on debit until the plan is done. New card spending is the only thing that can break this.
  2. 02The payment is sacred. It moves on payday, before anything else can spend it.
  3. 03Freed payments roll forward. When one account dies, its whole payment attacks the next. The plan speeds up as it goes.
  4. 04Retirement money stays put. The RRSPs and the insurance policy are not touched — cashing them out would cost far more in tax than it saves in interest.
  5. 05Make the phone call. Ask CIBC to raise the line of credit and move the Visa balance to 10%. One call, ≈ $1,700 saved.
Why not minimum payments? Minimums on the Visa alone would run past 2070 and cost over $90,000 in interest. This plan costs about $5,500 and ends in 2028.