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