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Reduce your debt while saving time and money.

One of the easiest and most effective ways to manage your cash flow and reduce your debt is to consolidate your various loans, lines of credit and credit card balances into a single loan with a set repayment schedule. By consolidating debt, you could save on interest costs, you will have just one payment to make, and you may find it easier to pay off your debt more quickly.

You are on: Benefits of Debt Consolidation

Key Benefits of Debt Consolidation

  • Lower monthly payments. When you consolidate your debts, you may be able to obtain a lower overall interest rate than the combined rates on all your debts. You could also extend your repayment term to reduce your monthly payments. Remember, even if you extend your term, you can still pay more than the minimum monthly payment at any time.
  • Save on credit card interest. Consolidating your outstanding credit card balances into a loan with a lower interest rate could reduce your interest costs substantially depending on the rates charged by your credit cards.
  • Leverage the equity in your home to save even more. Using your home as collateral for a loan, you may be able to negotiate a lower interest rate for all your combined debts, and extend your repayment term on your debts over a longer period of time, making your payments smaller.
  • One monthly payment. Consolidating your debt can simplify your finances by giving you just one monthly payment to make.
  • Have your debt in one place. Centralizing your debt at one financial institution can save you time. RBC offers a range of products and 24/7 access to your accounts through online, mobile and telephone banking.

You are on: Options Available at RBC

Ways to Consolidate Your Debt with RBC®

Managing your debts is all about making sure you have the right borrowing options for your needs. An RBC Royal Bank® credit specialist can tailor one of the solutions below to help you reduce or eliminate your debt:

  • RBC Royal Bank Personal Loan

    With a set repayment schedule and a more favourable interest rate, you may be able to pay down your debt faster by consolidating all your debts into a single RBC Royal Bank personal loan.

    Pay it off monthly, weekly or biweekly, over a repayment term that balances your cash flow needs with your goal of being debt free. You have the option of either a fixed or variable rate and can pay more at any time without penalty.

  • Royal Credit Line®

    Instead of paying off all your outstanding debts—and paying high interest rates on some of them—you can use a Royal Credit Line to pay them down. Because it revolves, you can use your credit line again and again, saving on interest and managing your cash flow. An optional set payment schedule can make it easy to manage your credit line and ensure that you remain in control.

  • RBC Homeline Plan®

    If you're buying a home and have a 20% down payment, or you're an existing homeowner with at least 20% equity in your home, the RBC Homeline Plan could help you consolidate your debt.

    With the RBC Homeline Plan, you have access to a Royal Credit Line and an RBC Royal Bank mortgage all in one plan, which you can designate for different needs, including debt consolidation, home renovations, a new car and more.


Create a Personalized Plan for Reducing Your Debt

Try our FREE online Debt Reduction Plan today to see how you can improve your cash flow and reduce your debt sooner.

Get Started

Apply for a Loan or Line of Credit

  • Apply Now and find out within two business days if you are approved
  • Call 1-800-769-2511 to talk to a credit specialist

Take Action

  • Apply Now
  • Call 1-800-769-2511 to talk to a credit specialist

Should you consolidate?

Try our Debt Consolidation Calculator to view your potential cost savings. Or, use our Debt Reduction Plan to create a plan for reducing your debt.


Debt Consolidation

Debt Consolidation

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