How to Negotiate Your Salary in Canada to Accelerate Debt Payoff in 2026
Introduction: The Connection Between Your Salary and Your Debt Freedom
Most Canadians struggling with debt focus exclusively on cutting expenses. While reducing spending is important, there is another side of the equation that is often neglected: increasing your income. A well-executed salary negotiation can add thousands of dollars to your annual earnings, and when that extra income is directed toward debt repayment, it can dramatically accelerate your path to financial freedom.
Yet Canadians are notoriously reluctant negotiators when it comes to salary. A Robert Half survey found that only 39% of Canadian workers negotiated their salary during their last job offer, leaving significant money on the table. Whether you are accepting a new position, preparing for your annual review, or simply recognizing that you are underpaid for your role, this guide will give you the tools, scripts, and confidence to negotiate effectively — and a clear strategy for channeling every extra dollar toward eliminating your debt.
A single successful salary negotiation of $5,000 annually does not just add $5,000 to your income once. Compounded over a career with standard annual raises, that one negotiation can be worth $100,000 or more in additional lifetime earnings. When directed toward debt payoff, even a modest raise can eliminate thousands in interest charges and cut years off your repayment timeline.
Chapter 1: Understanding Canadian Salary Data in 2026
Where Canadians Stand on Income
Before you can negotiate effectively, you need to understand the current salary landscape in Canada. Having accurate market data is the foundation of any strong negotiation because it transforms your request from a personal desire into a data-driven business case.
| Province / Territory | Median Individual Income (2025) | Median Household Income (2025) | Year-over-Year Change |
|---|---|---|---|
| Alberta | $52,000 | $104,000 | +3.8% |
| British Columbia | $46,000 | $92,000 | +3.2% |
| Ontario | $48,000 | $96,000 | +3.5% |
| Quebec | $42,000 | $84,000 | +3.0% |
| Manitoba | $41,000 | $82,000 | +2.8% |
| Saskatchewan | $44,000 | $88,000 | +3.1% |
| Nova Scotia | $38,000 | $76,000 | +2.9% |
| New Brunswick | $37,000 | $74,000 | +2.7% |
| Newfoundland and Labrador | $39,000 | $78,000 | +2.5% |
| Prince Edward Island | $36,000 | $72,000 | +3.0% |
Salary Research Tools for Canadians
Effective negotiation starts with research. Here are the most reliable resources for Canadian salary data:
Government of Canada Job Bank: The federal Job Bank (jobbank.gc.ca) provides wage data by occupation and region. It shows low, median, and high wages for thousands of job titles across every province and territory. This is one of the most authoritative Canadian sources.
Glassdoor Canada: Glassdoor offers company-specific salary reports submitted by employees. While self-reported data has limitations, the volume of submissions for larger Canadian employers makes it a useful reference point.
PayScale Canada: PayScale provides detailed salary reports based on job title, experience, location, and industry. Their Canadian data is robust and includes total compensation breakdowns including bonuses and benefits.
LinkedIn Salary: If you have a LinkedIn Premium subscription, the salary insights feature provides data on compensation ranges for specific roles at specific companies in Canadian markets.
Robert Half Salary Guide: Published annually, this guide covers salary ranges for accounting, finance, technology, administrative, and legal roles across Canadian cities. It is widely used by HR professionals, so referencing it in negotiations carries weight.
How to Benchmark Your Current Salary
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Identify your exact job title and the closest matching title in salary databases. Be honest about your actual responsibilities — if your title is inflated or deflated relative to your duties, use the title that best matches what you actually do.
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Gather salary data from at least three different sources. Record the low, median, and high ranges for your role, experience level, and geographic location.
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Calculate where you fall in the range. If you are below the median, you likely have a strong case for a raise. If you are at or above the median, you will need to emphasize exceptional performance and additional value you bring.
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Factor in total compensation, not just base salary. Include bonuses, benefits, pension contributions, stock options, and perks. Sometimes a lower salary is offset by superior benefits, and sometimes a higher salary comes with minimal benefits.
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Document any discrepancies between your compensation and market rates. Prepare a concise summary that shows where you are versus where the market says you should be.
Chapter 2: The Psychology of Salary Negotiation
Why Canadians Avoid Negotiating
Canadian culture tends to emphasize politeness, modesty, and conflict avoidance — all of which work against effective salary negotiation. Many Canadians feel uncomfortable advocating for themselves, worrying that asking for more money will be seen as greedy, ungrateful, or confrontational. This cultural tendency leaves billions of dollars in potential wages unclaimed each year.
Understanding these psychological barriers is the first step to overcoming them. Negotiating your salary is not greedy — it is a normal and expected part of the employment relationship. Employers build negotiation room into their offers precisely because they expect candidates to negotiate. When you accept the first offer without discussion, you are essentially volunteering to be paid less than your employer was prepared to pay.
“The first time I negotiated a raise, my hands were shaking and my voice was wavering. I asked for $7,000 more than my current salary based on market data I had researched. My manager paused, said she would need to check with HR, and came back two days later with an approval for $5,500 more. That five-minute conversation has earned me an extra $35,000 over the past six years when you factor in percentage-based raises building on that higher base.” — Priya, a CreditResources.ca community member from Calgary
Anchoring: The Most Powerful Negotiation Concept
Anchoring is a cognitive bias where the first number mentioned in a negotiation heavily influences the final outcome. In salary negotiations, this means the first salary figure discussed tends to serve as the reference point around which the final number settles.
This is why many negotiation experts recommend that you let the employer state their number first. If an employer offers $65,000 and you were going to ask for $60,000, you have just anchored the negotiation $5,000 higher than you expected. Conversely, if you state $60,000 first and the employer was prepared to offer $65,000, you have anchored the negotiation against your own interests.
However, if you have strong market data showing your role should pay $70,000 to $80,000, stating your range first can anchor the negotiation in your favour. The key is preparation — only anchor first if you are confident your research supports a number higher than what the employer is likely to offer.
The BATNA Principle
BATNA stands for Best Alternative to a Negotiated Agreement. In simpler terms, it is your plan B. The stronger your BATNA, the more confidently you can negotiate. If you have another job offer, a thriving side business, or in-demand skills that make you easily employable elsewhere, your negotiating position is much stronger.
Even if your BATNA is not ideal, knowing what it is helps you negotiate from a place of clarity rather than desperation. If your alternative is staying in your current role at your current salary, that is still a BATNA — and it means you have nothing to lose by asking for more.
Never bluff about having another offer if you do not actually have one. Experienced managers and HR professionals can usually detect bluffs, and getting caught in one destroys your credibility. If you do have a competing offer, mention it factually and professionally without using it as a threat. Something like “I have received an offer from another organization at $X, and I wanted to discuss whether there is room to adjust my compensation here, as I prefer to stay with this team.”
Chapter 3: Negotiation Scripts for Every Scenario
Scenario 1: Negotiating a New Job Offer
This is the highest-leverage moment for salary negotiation. Once you accept an offer and start working, your leverage decreases significantly until your next performance review. Here is a script framework:
When the offer comes in (by phone or email):
“Thank you for the offer — I am very excited about the opportunity to join [company name] and contribute to [specific project or team]. I would like to take a day to review the full compensation package before giving you my formal answer. Would that be all right?”
This buys you time to research and prepare your counter-offer. Never accept or negotiate on the spot.
The counter-offer conversation:
“After reviewing the offer and researching current market rates for this role in [city], I would like to discuss the base salary. Based on data from [source 1] and [source 2], the market range for a [job title] with [X years] of experience in [city] is [$Y to $Z]. Given my [specific qualification, achievement, or experience], I believe a base salary of [$your target] would be more appropriate. Is there flexibility to adjust the offer?”
If they say no to salary adjustment:
“I understand that the base salary may be fixed. Could we explore other areas of the compensation package? I would be interested in discussing [signing bonus / additional vacation days / flexible work arrangement / professional development budget / performance bonus structure].”
Scenario 2: Asking for a Raise at Your Current Job
Setting up the conversation:
“[Manager’s name], I would like to schedule a meeting to discuss my compensation. I have been reflecting on my contributions over the past [timeframe] and would appreciate the opportunity to have a conversation about my salary. Would [suggested time] work for you?”
During the meeting:
“Thank you for taking the time to meet. Over the past [timeframe], I have [specific achievement 1], [specific achievement 2], and [specific achievement 3]. These contributions have [quantifiable impact on the team or company]. Based on my research into current market rates for my role and experience level, I believe an adjustment to [$target salary] would reflect my contributions and align with market compensation. I have prepared a brief summary of the market data and my key achievements for your reference.”
Always bring documentation to a salary negotiation. A one-page summary that lists your key achievements with quantifiable results, alongside market salary data from two or three sources, makes it easy for your manager to advocate on your behalf to HR and upper management. Remember, your direct manager is often not the final decision-maker — give them the tools to make your case internally.
Scenario 3: Negotiating After a Promotion
“I am thrilled about the promotion and the opportunity to take on more responsibility in the [new role]. I would like to discuss the compensation that comes with this new position. Based on market data for [new title] in [city], the typical range is [$X to $Y]. Given that I am already familiar with the team, the products, and the company culture — which reduces onboarding time and risk — I believe a salary of [$target] at the higher end of that range is appropriate.”
Scenario 4: Negotiating When You Feel Underpaid
“[Manager’s name], I want to have an open and constructive conversation about my compensation. I have been doing research on current market rates for my role, and I have found that the typical range for a [title] with [X years] of experience in [city] is [$X to $Y]. My current salary of [$current] falls [below the median / in the lower quartile] of this range. I would like to work together to bring my compensation closer to market rate. Can we discuss a path to adjusting my salary to [$target]?”
Chapter 4: Timing Your Negotiation for Maximum Impact
Best Times to Negotiate in the Canadian Workplace
| Timing | Leverage Level | Why |
|---|---|---|
| When receiving a new job offer | Very High | Employer has invested time and money in recruiting you; they want to close the deal |
| After completing a major project | High | Your value is fresh in everyone’s mind; you have concrete achievements to reference |
| During annual performance review | Moderate to High | Compensation discussions are expected; budget for raises is already allocated |
| When taking on additional responsibilities | Moderate to High | Scope change justifies compensation change; you can negotiate before accepting new duties |
| After receiving a competing offer | High | Demonstrates your market value; employer faces cost of replacement if you leave |
| Beginning of company fiscal year | Moderate | Fresh budgets are available; managers have more flexibility |
| During a hiring freeze | Low | Budget constraints reduce flexibility; focus on non-monetary benefits |
| Right after starting a new job | Very Low | You have not proven your value yet; renegotiating immediately seems unprofessional |
The Canadian Budget Cycle Factor
Many Canadian organizations set their compensation budgets in the fall (September to November) for the following calendar year. If your company follows this pattern, the ideal time to plant the seed for a raise is early fall, with the formal conversation happening during or just before your year-end or early-new-year performance review.
In government and public sector roles, budget cycles are tied to fiscal years (April 1 to March 31 for the federal government), and salary adjustments may be governed by collective agreements. If you are in a unionized role, understand your collective agreement’s provisions for salary progression and whether individual negotiation is possible.
Chapter 5: The Cost-of-Living Argument in Canada
Making the Case Based on Rising Costs
While cost-of-living adjustments are not the strongest negotiation argument (employers prefer to pay for value, not need), the current economic environment in Canada makes this a legitimate supporting point. Here is how to frame it effectively:
“I understand that compensation is based primarily on the value I bring to the organization, and I believe my contributions demonstrate strong value. I also want to note that the cost of living in [city] has increased by [X%] over the past [timeframe], which means my real purchasing power has effectively decreased. Adjusting my salary to [$target] would both reflect my market value and ensure that my compensation keeps pace with the economic reality of living and working in [city].”
Cost-of-Living Data by Major Canadian City
| City | Average Monthly Rent (1-bedroom) | Average Grocery Cost (monthly) | CPI Increase (2024-2025) |
|---|---|---|---|
| Toronto | $2,400 | $450 | +3.5% |
| Vancouver | $2,600 | $480 | +3.8% |
| Calgary | $1,800 | $420 | +3.2% |
| Montreal | $1,600 | $400 | +2.9% |
| Ottawa | $1,900 | $430 | +3.0% |
| Edmonton | $1,500 | $410 | +3.1% |
| Winnipeg | $1,300 | $390 | +2.8% |
| Halifax | $1,700 | $420 | +3.3% |
When using cost-of-living data in negotiations, always pair it with your value-based argument. Saying “I need a raise because everything is more expensive” is weak. Saying “My contributions have generated $X in value for the team, and an adjustment to my compensation would reflect both my market value and the economic realities of our city” is much stronger.
Chapter 6: Negotiating Beyond Base Salary
Total Compensation Components in Canada
Sometimes the base salary is truly non-negotiable — perhaps your employer has rigid pay bands, or the budget is genuinely constrained. In these situations, negotiating other components of your compensation package can still result in significant financial value.
| Compensation Component | Typical Value | Negotiability |
|---|---|---|
| Base salary | Varies | Moderate to High |
| Signing bonus | $2,000-$15,000 | High (one-time cost for employer) |
| Performance bonus | 5%-20% of salary | Moderate |
| Additional vacation days | $500-$2,000 per day | Moderate to High |
| Flexible work arrangement | Saves commuting costs | High |
| Professional development budget | $1,000-$5,000/year | High |
| RRSP matching | 3%-6% of salary | Low (usually standardized) |
| Health spending account | $500-$3,000/year | Moderate |
| Stock options / RSUs | Varies widely | Moderate (at public companies) |
| Title upgrade | Indirect value | High |
The Hidden Value of Non-Salary Benefits for Debt Payoff
Certain non-salary benefits can directly support your debt payoff strategy. A remote work arrangement, for example, can save $2,000 to $5,000 per year in commuting costs (gas, parking, transit passes), money that can go directly to debt payments. Employer RRSP matching is essentially free money — contributing enough to maximize the match gives you guaranteed 100% returns. A health spending account reduces out-of-pocket medical costs, freeing up cash for debt reduction.
When negotiating non-salary benefits, frame them in terms of cost to the employer, not value to you. Saying “I would like three additional vacation days” is a request that costs the employer roughly $500 to $1,500 (depending on your salary) but gives you time worth much more in personal well-being and productivity. Employers are often more willing to grant benefits that cost them relatively little compared to permanent salary increases.
Chapter 7: Side Income Strategies to Complement Your Salary
Why Side Income Matters for Debt Payoff
While salary negotiation can add thousands to your annual income, side income provides an additional lever for accelerating debt payoff. The advantage of side income is that it is entirely under your control — you do not need anyone’s approval to start earning more on the side.
The key principle is to dedicate 100% of your side income to debt repayment. Since your regular salary already covers your living expenses, side income can go directly to your highest-interest debt, creating a powerful accelerator effect.
Canadian Side Income Options
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Freelancing in your professional skill set: Platforms like Upwork, Fiverr, and Toptal connect Canadian freelancers with global clients. If you have skills in writing, design, programming, marketing, accounting, or consulting, freelancing can generate $20 to $150+ per hour depending on your expertise. Remember to set aside 25% to 30% of freelance income for taxes.
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Gig economy work: DoorDash, Uber Eats, Instacart, and SkipTheDishes are available in most Canadian cities. While the hourly rate varies (typically $15 to $25 after expenses), the flexibility to work on your own schedule makes these options ideal for supplementing your primary income.
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Selling unused items: Facebook Marketplace, Kijiji, and eBay are popular platforms in Canada for selling used goods. Most Canadian households have hundreds or even thousands of dollars worth of unused items that could be converted to cash for debt payments.
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Tutoring and teaching: If you have expertise in a subject area, tutoring can pay $25 to $75 per hour. Online platforms like Preply and Wyzant connect tutors with students globally. In-person tutoring through local community centres or school boards is also an option.
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Renting out a room or parking space: If you have a spare room, renting it out can generate $500 to $1,500 per month in major Canadian cities. Even renting out a parking space in downtown areas can generate $150 to $400 per month. Be aware of the tax implications and any municipal regulations.
Tax Implications of Side Income in Canada
All side income is taxable in Canada, and the CRA expects you to report it on your annual tax return. Here are the key considerations:
Self-employment income is reported on Form T2125 as part of your personal tax return. You are responsible for both the employee and employer portions of CPP contributions on self-employment income, which amounts to approximately 11.9% on net earnings between $3,500 and the yearly maximum pensionable earnings.
If your total revenue from all self-employment activities exceeds $30,000 in a four-consecutive-calendar-quarter period, you are required to register for and charge HST/GST.
You can deduct legitimate business expenses from your self-employment income, including a portion of home office expenses, supplies, mileage, and professional fees.
Chapter 8: Creating a Salary-to-Debt-Payoff Action Plan
The Raise-to-Debt Pipeline
When you successfully negotiate a raise, the critical step is ensuring that the extra income goes directly to debt, not to lifestyle inflation. Here is a structured approach:
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Calculate your net raise after taxes. A $5,000 gross raise does not mean $5,000 more in your pocket. Depending on your tax bracket, your net increase will be approximately $3,000 to $4,000. Use a Canadian income tax calculator to determine your actual take-home increase.
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Set up an automatic transfer from your chequing account to your highest-interest debt on the day after each payday. The amount should equal your per-paycheque net raise. If your net raise is $3,600 per year and you are paid biweekly, that is approximately $138 per paycheque.
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Apply the avalanche method — direct extra payments to the debt with the highest interest rate first while maintaining minimum payments on all other debts. This minimizes the total interest you pay over your repayment period.
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Track the impact monthly. Seeing your debt balance decrease faster because of your negotiation success reinforces the behaviour and motivates you to continue developing your negotiation skills for future raises.
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Repeat the process annually. Each year, prepare for your performance review with fresh market data, documented achievements, and a clear compensation ask. Even a 2% to 3% raise above the standard annual increase, compounded over years, creates a significant income advantage.
Impact Calculator: How a Raise Accelerates Debt Payoff
| Debt Balance | Interest Rate | Monthly Payment | Payoff Without Raise | Extra from $5K Raise (net) | New Payoff Timeline | Interest Saved |
|---|---|---|---|---|---|---|
| $10,000 | 19.99% | $300 | 44 months | +$275/month | 19 months | $3,200 |
| $20,000 | 19.99% | $500 | 62 months | +$275/month | 32 months | $8,900 |
| $30,000 | 12.00% | $600 | 70 months | +$275/month | 40 months | $7,100 |
| $15,000 | 22.99% | $400 | 61 months | +$275/month | 25 months | $6,800 |
“After reading about salary negotiation strategies, I prepared a case for a $6,000 raise and got $4,500. I set up an automatic biweekly transfer of $130 to my credit card debt. Between that and my regular payments, I paid off $18,000 in credit card debt in 22 months instead of the 40+ months it would have taken otherwise. The negotiation was uncomfortable for ten minutes. The debt freedom was worth every second of discomfort.” — James, a CreditResources.ca community member from Toronto
Chapter 9: Special Considerations for Canadian Workers
Public Sector and Unionized Employees
If you work in the Canadian public sector or are a member of a union, individual salary negotiation may be limited by collective agreements. However, you can still advocate for yourself in several ways:
Understand your collective agreement’s provisions for step increases, reclassification, and performance-based progression. Many collective agreements allow for movement through salary bands based on experience and performance. Pursue reclassification if your duties have expanded beyond your current classification. This often results in a move to a higher pay band. Take advantage of professional development opportunities funded by your employer. While these do not immediately increase your salary, they position you for future promotions and reclassifications.
Remote Workers and the Geographic Pay Question
The rise of remote work in Canada has created a new dynamic in salary negotiation. If you live in a lower-cost city but work for a company headquartered in Toronto or Vancouver, the question of geographic-based pay adjustments becomes relevant.
Some employers pay based on the employee’s location, while others pay based on the role regardless of location. If your employer adjusts pay based on location and you live in a lower-cost city, your negotiation strategy should focus on the value you deliver rather than cost-of-living comparisons. Emphasize your output, results, and the fact that location-adjusted pay should still reflect market rates for your region.
Contract and Temporary Workers
If you are a contract worker in Canada, every new contract is a negotiation opportunity. Your strategy should include:
Tracking your contributions during each contract and quantifying the value you delivered. Building relationships with decision-makers who can advocate for rate increases. Researching market rates for contract workers in your field (which are typically 15% to 25% higher than equivalent salaried positions to account for the lack of benefits and job security). Negotiating your rate before each contract renewal, not after you have already started.
Canadian employment standards vary by province. Before any negotiation, understand your rights under your provincial employment standards act, including minimum wage, overtime provisions, and termination pay. This knowledge protects you and ensures your negotiation stays within appropriate bounds. Federal employees are covered by the Canada Labour Code.
Chapter 10: Handling Rejection and Building for the Future
What to Do When the Answer Is No
Not every negotiation will succeed immediately, and a “no” today does not mean “no” forever. Here is how to handle rejection productively:
Ask for specifics: “I appreciate your candour. Could you help me understand what would need to change for my compensation to be adjusted? Are there specific goals, milestones, or timeframes I should be working toward?”
Request a timeline: “I understand the budget constraints right now. Could we agree to revisit this conversation in [three to six months]? I would like to continue demonstrating my value with the understanding that compensation will be reviewed at that time.”
Get it in writing: If your manager verbally agrees to revisit your compensation in the future, follow up with an email summarizing the conversation. “Thank you for the discussion today. Just to confirm, we agreed to revisit my compensation in [month] based on [specific criteria]. I look forward to continuing to contribute to the team in the meantime.”
Evaluate your options: If repeated negotiations fail and you are consistently below market rate, it may be time to explore opportunities elsewhere. Sometimes the most effective “negotiation” is accepting a higher-paying role at a different organization.
Continuous Career Development as a Negotiation Investment
Every skill you develop, certification you earn, and project you complete strengthens your position in future negotiations. Think of career development as an investment that compounds over time:
| Development Activity | Typical Cost | Potential Salary Impact | Time Investment |
|---|---|---|---|
| Professional certification (PMP, CPA, etc.) | $2,000-$5,000 | +$5,000-$15,000/year | 3-12 months |
| Technical skill training (coding, data analysis) | $500-$3,000 | +$3,000-$10,000/year | 2-6 months |
| Leadership development program | $1,000-$5,000 | +$5,000-$20,000/year | 3-6 months |
| Industry conference attendance | $500-$2,000 | Indirect (networking) | 2-3 days |
| MBA or graduate degree | $30,000-$100,000 | +$10,000-$30,000/year | 1-3 years |
Salary negotiation is a learnable skill, not an innate talent. Prepare with market data, document your achievements, practice your scripts, and remember that every successful negotiation compounds over your career. Direct every dollar of extra income toward debt repayment for maximum financial impact. Even if your first negotiation attempt is unsuccessful, you are building the skills and relationships that will lead to future increases. Persistence and preparation are more powerful than any single conversation.
Frequently Asked Questions
Is it appropriate to negotiate salary in Canada?
Yes. Salary negotiation is a normal and expected part of the employment process in Canada. Employers typically build negotiation room into their offers. A 2024 Robert Half survey found that 85% of Canadian hiring managers expect candidates to negotiate, and they do not view negotiation negatively — in fact, many see it as a sign of confidence and business acumen.
How much should I ask for when negotiating a raise?
Base your request on market data, not an arbitrary number. Research the market rate for your role, experience, and location using resources like the Government of Canada Job Bank, Glassdoor, and PayScale. If you are below the median, asking to reach the median is reasonable. If you are at the median, asking for 5% to 10% above your current salary is typically a good starting point, supported by documented achievements.
Can I negotiate salary in a government or unionized job?
Direct salary negotiation may be limited by collective agreements in these settings. However, you can often negotiate your starting salary step within a pay band, pursue reclassification if your duties exceed your current classification, and advocate for promotions to higher pay bands. Understanding your collective agreement is essential.
What if my employer retaliates after I negotiate?
Retaliation for salary negotiation is not common in professional settings, and in some cases, it may violate employment standards. If you approach the conversation professionally and base your request on data and achievements, most employers will respond respectfully. If you experience retaliation, document the behaviour and consult with your provincial employment standards office or a labour lawyer.
Should I disclose my current salary when applying for a new job?
In most Canadian provinces, you are not legally required to disclose your current salary. Many career experts recommend against it, as it can anchor the negotiation against you if you are currently underpaid. Instead, state your desired salary range based on market research. Some Canadian jurisdictions are considering salary transparency legislation that would ban employers from asking about salary history.
How do I negotiate salary over email versus in person?
Both approaches can be effective. Email gives you time to carefully word your message and provides a written record. In-person (or video) conversations allow you to read body language, build rapport, and respond dynamically. For initial offers, email is fine for expressing interest and requesting time. For the actual negotiation discussion, a live conversation (phone, video, or in-person) is generally more effective because it allows for real-time dialogue.
How does a salary increase affect my debt repayment plan?
A salary increase directly accelerates debt repayment if you direct the additional income to your debts rather than increasing your lifestyle spending. Even a modest raise of $3,000 net per year translates to an extra $250 per month toward debt. On a $15,000 credit card balance at 19.99% interest, that extra payment can cut your payoff time by over a year and save thousands in interest.
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