{"id":58101,"date":"2023-07-10T00:00:00","date_gmt":"2023-07-10T00:00:00","guid":{"rendered":""},"modified":"2024-01-29T11:49:33","modified_gmt":"2024-01-29T16:49:33","slug":"creating-a-debt-repayment-plan-5-steps-to-take-control-of-your-finances","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/creating-a-debt-repayment-plan-5-steps-to-take-control-of-your-finances\/","title":{"rendered":"Creating a Debt Repayment Plan: 5 Steps to Take Control of Your Finances"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\">\n\t\t\t\t\t\t\t<span>Credit and Debt<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Creating a Debt Repayment Plan: 5 Steps to Take Control of Your Finances<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Jacob Henriksen-Willis<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-10T143800.447.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Out of focus woman paying bills on her computer\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-10T143800.447.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-10T143800.447.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-10T143800.447.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Creating a Debt Repayment Plan: 5 Steps to Take Control of Your Finances &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/creating-a-debt-repayment-plan-5-steps-to-take-control-of-your-finances\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/creating-a-debt-repayment-plan-5-steps-to-take-control-of-your-finances\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 10, 2023 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Managing debt can be an overwhelming task for anyone. Whether it&#8217;s credit card balances, student loans, or other financial obligations, debt is a major source of stress for many Canadians. Finding a path toward repaying your debts can help you regain control and ease some of the pressure from your financial situation. As any great teacher might tell you, the best way to conquer a big task is to break it into smaller ones.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-here-are-five-steps-you-can-take-to-create-your-debt-repayment-plan\">Here are five steps you can take to create your debt repayment plan.<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Step 1: Organize<\/h3>\n\n\n\n<p>A great way to start is by making a clear accounting of your balances. Gather or list all your bills, statements and balances. Ensure you know the total amount you have, the amount you owe, the interest rates, and the minimum monthly payments. A straightforward overview of your financial picture is how to make the most efficient, effective plan to resolve it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What is interest?<\/h3>\n\n\n\n<p>The interest rate is one of the most important factors to consider at this step. Interest is the fee you pay your lender to borrow money from them. In most cases, interest charges will get included in your weekly or monthly fee on top of the loan until it has been repaid.<\/p>\n\n\n\n<p>If your loan has been unpaid for a long amount of time, your interest rate may increase \u2014 leaving you saddled with a much larger debt than what you initially signed up for. That means you might want to <strong>prioritize paying off debts with the highest interest rates <\/strong>when creating your debt repayment plan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 2: Set your budget<\/h3>\n\n\n\n<p>Once you know the amount you need to accumulate to erase your debt, it&#8217;s time to set your budget. Sacrifices may be necessary at this step. Take a look at your monthly income and monthly expenses, and determine how much you can allocate towards debt repayment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 3: Reduce expenses when possible<\/h3>\n\n\n\n<p>Now that you&#8217;ve broken down expenses into needs, wants, and debt repayments, you can dive deeper into each category to find ways to cut down.<\/p>\n\n\n\n<p>It&#8217;s not surprising that your wants should be the first to consider. For example, if you haven&#8217;t reviewed your monthly subscriptions in a while, you might find one or two you&#8217;re still for that you no longer use. You may also plan to cook at home more often, explore free or low-cost entertainment options and be mindful of impulsive purchases to assist in your debt repayment plan.<\/p>\n\n\n\n<p>Most of your expenses probably go towards your \u201cneeds&#8221; category, so reducing expenses there can also go a long way toward reaching your financial goals.<\/p>\n\n\n\n<p>Shopping at a different grocery store or choosing cheaper food brands could save money. Opting for public transit or carpooling whenever possible can help reduce fuel costs. Housing expenses, which may eat an overwhelming amount of your take-home pay, might be reduced by moving to a cheaper location or getting a roommate, if possible.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 4: Consider a debt consolidation loan<\/h3>\n\n\n\n<p>Debt consolidation means that all of your debts, whether auto loans, credit card purchases, or other payments, are rolled into one single loan or monthly payment. When your debts are consolidated, you can take a single loan towards that total sum.<\/p>\n\n\n\n<p>This is a great way to simplify and even lower your total payments. If the interest rate on your single debt consolidation loan may be lower than the combined interest rates of your multiple debts.<\/p>\n\n\n\n<p>It&#8217;s important to shop around for the lowest rates and best terms for a debt consolidation loan. For example, depending on how you consolidate your loans, your total interest payments might also increase over time if you opt for lower monthly payments and a longer loan term. This may cost you more in the long run.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 5: Get ready to stick to the plan!<\/h3>\n\n\n\n<p>Before you start your debt repayment journey, make sure you&#8217;re ready to commit to the plan you&#8217;ve set for yourself. Lifestyle changes and financial sacrifices may be necessary to conquer your debt. It may be helpful to have a support system in place \u2014 sharing your budgeting goals and challenges with someone you trust \u2014 like a friend, family member, or financial mentor, can help provide accountability and support as you get started on your plan.<\/p>\n\n\n\n<p>Identifying your personal triggers for spending and developing strategies to avoid or cope with them appropriately is a good idea as well. And don&#8217;t forget to celebrate when you hit your milestones! Recognizing your progress can help motivate you to continue making positive financial choices.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-grey-border-color has-light-grey-background-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>It comes down to your personal situation and preferences.\u00a0<a href=\"https:\/\/apps.royalbank.com\/apps\/personalloans\/debt-consolidation-calculator\/#!\/\" target=\"_blank\" rel=\"noreferrer noopener\">RBC\u2019s Debt Consolidation Calculator<\/a>\u00a0is a great tool to show you the potential cost savings of consolidating some or all of your debts into a new loan.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-d30f8f59-41c8-4fe7-a40a-5ff1147ae1bc\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Creating a Debt Repayment Plan: 5 Steps to Take Control of Your Finances &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/creating-a-debt-repayment-plan-5-steps-to-take-control-of-your-finances\/\">\n        <img 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\t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-8b301a06-7a37-40c3-9eb2-e814e3250cd4\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/budgeting\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Budgeting<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Credit and Debt<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  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post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A smiling mother hugs her laughing daughter in a cozy kitchen, while another person prepares food in the background.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg 5472w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?resize=1024,683 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of Credit Can Help You Manage Your Money in Canada<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A happy couple sits on a white couch, playing with their dog, who is lying on its back.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg 5760w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/\">\n\t\t\t\t\t\tUnderstanding Loans\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/line-of-credit-wins\/\" class=\"card-title h4 mar-t-0\">Avoid Credit Trouble: How to Manage Your Line of Credit Wisely<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-d30f8f59-41c8-4fe7-a40a-5ff1147ae1bc {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-d30f8f59-41c8-4fe7-a40a-5ff1147ae1bc {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-8b301a06-7a37-40c3-9eb2-e814e3250cd4 {\n\t\theight: 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