{"id":96352,"date":"2026-01-08T13:14:59","date_gmt":"2026-01-08T18:14:59","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=96352"},"modified":"2026-01-08T13:15:01","modified_gmt":"2026-01-08T18:15:01","slug":"how-to-pay-off-debt-faster","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/struggling-to-make-ends-meet\/managing-and-consolidating-debt\/how-to-pay-off-debt-faster\/","title":{"rendered":"How to Pay Off Debt Faster"},"content":{"rendered":"\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\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Assess your current debts<\/strong>: List all your debts, interest rates and payments to build a clear picture of how much you owe.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Build a budget<\/strong>: Free up cash flow by cutting non-essential expenses and redirecting savings toward debt.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Debt consolidation<\/strong>: Consider combining your debts into a single loan to simplify payments and potentially lower your interest rate.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Pick your method<\/strong>: Choose between snowball (smallest balance first) or avalanche (highest interest first) to repay efficiently.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Debt relief:<\/strong> Learn about ways to reduce the amount you owe through government debt relief programs.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Struggling with debt? <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/programs\/research\/canadian-financial-capability-survey-2019.html\" data-dig-id=\"LP-96352-993e0b1d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"About one-third of Canadians\" class=\"rbc-link-format\">About one-third of Canadians<\/a> feel the same. But there is a way out. Read on to learn how to get out of debt, including repayment strategies, consolidation options and expert tips to take control of your finances and build a debt-free future.<\/p>\n\n\n\n<p>Like death and taxes, some amount of debt is inevitable for most of us. But managing debt can be stressful, whether it was acquired to pay for something planned \u2013 such as with student loans or a mortgage \u2013 or to service an unexpected expense like a car repair.<\/p>\n\n\n\n<p>To pay off debt faster, start by choosing a debt repayment plan that works for your particular circumstances. That could mean focusing on high-interest balances first, aiming for debt consolidation or exploring debt relief programs. The right strategy also depends on your income, account balances and goals. Here\u2019s what you need to know.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-a-debt-repayment-plan-matters\">Why a debt repayment plan matters<\/h2>\n\n\n\n<p>Creating a debt man\u00ad\u00ad\u00adagement plan that <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/how-to-manage-debt-without-sacrificing-your-financial-goals\/\" data-dig-id=\"LP-96352-d1e798d4\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"fits your financial situation\" class=\"rbc-link-format\">fits your financial situation<\/a> is crucial for taking control of your finances, especially given how profoundly debt can affect your life.<\/p>\n\n\n\n<p>Carrying debt does much more than drain your finances: it can feel like a dark cloud, affecting your mental health, relationships and daily life. In fact, about <a href=\"https:\/\/www.benefitsandpensionsmonitor.com\/benefits\/wellbeing\/debt-concerns-disrupt-sleep-for-majority-of-canadians-says-survey\/391890\" data-dig-id=\"LP-96352-c80f1d97\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"60 per cent of Canadians\" class=\"rbc-link-format\">60 per cent of Canadians<\/a> say they lose sleep over debt.<\/p>\n\n\n\n<p>The problem is only getting worse. According to&nbsp;Equifax Canada, <a href=\"https:\/\/www.equifax.ca\/fr\/au-sujet-d-equifax\/salle-de-presse\/-\/intlpress\/stable-versus-struggling-canada-s-financial-divide-widens\/\" data-dig-id=\"LP-96352-3a6195fb\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"consumer debt hit $2.56 trillion\" class=\"rbc-link-format\">consumer debt hit $2.56 trillion<\/a> at the end of 2024 \u2013 up 4.6 per cent from the previous year \u2013 with the average non-mortgage debt per consumer reaching $21,931. Consumer credit card balances climbed 7.8 per cent year-over-year through the fourth quarter of 2024, partly because many cardholders weren\u2019t able to pay off their statements in full every month.<\/p>\n\n\n\n<p>The benefits of a debt repayment plan include:<\/p>\n\n\n\n<ol class=\"wp-block-rbc-list is-style-blue-disc mar-l mob-mar-l\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Lower interest costs<\/strong><\/p>\n\n\n\n<p>Reducing your balance means paying less interest over time.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Better credit score<\/strong><\/p>\n\n\n\n<p>A healthy credit score opens doors to home ownership, better interest rates and more credit options.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Peace of mind<\/strong><\/p>\n\n\n\n<p>Facing your debt with a solid plan will help you feel more in control of your finances.<\/p>\n<\/li>\n<\/ol>\n\n\n\n<p>Keep reading for a step-by-step guide to paying off debt in Canada.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-step-1-assess-your-current-debts\">Step 1: Assess your current debts<\/h2>\n\n\n\n<p>Before you can tackle your debt, you need to know exactly what you owe. Break this down into two mini steps: list and prioritize.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-list-your-debts\">List your debts<\/h3>\n\n\n\n<p>Create a list of all your bills, statements and balances owing. For each one, it\u2019s important to know the total amount you owe, the interest rate, the minimum monthly payment and when it\u2019s due.<\/p>\n\n\n\n<p>Here\u2019s an example of what your debt list might look like:<\/p>\n\n\n\n<div class=\"wp-block-columns has-text-reg-font-size is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:800px\">\n<table class=\"table-stack wp-block-rbc-stackable-table-block is-style-table-striped col-stack\"><tbody><tr><td><strong>Debt type<\/strong><\/td><td><strong>Balance<\/strong><\/td><td><strong>Interest rate (APR)<\/strong><\/td><td><strong>Minimum Payment<\/strong><\/td><td><strong>Due date<\/strong><\/td><\/tr><tr><td>Credit card 1<\/td><td>$2,500<\/td><td>21%<\/td><td>$75<\/td><td>22nd monthly<\/td><\/tr><tr><td>Credit card 2<\/td><td>$6,000<\/td><td>20.65%<\/td><td>$180<\/td><td>15th monthly<\/td><\/tr><tr><td>Line of credit<\/td><td>$8,000<\/td><td>10.5%<\/td><td>Interest only<\/td><td>10th monthly<\/td><\/tr><tr><td>Car loan<\/td><td>$22,000<\/td><td>7.5%<\/td><td>$450<\/td><td>1st monthly<\/td><\/tr><tr><td>Student loan<\/td><td>$15,000<\/td><td>5%<\/td><td>$140<\/td><td>28th monthly<\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n\n\n\n<p><strong>Total owed: <\/strong>$53,500<\/p>\n\n\n\n<p><strong>Approximate average interest rate: <\/strong>13.5%<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-prioritize-your-debt-by-interest-rate\">Prioritize your debt by interest rate<\/h3>\n\n\n\n<p>Now that you have all your debt laid out, arrange your list by interest rate, putting the highest first. This makes it easier to see which debts are growing fastest. Credit card interest rates typically run from 19.99 to 25.99 per cent, which is why credit cards generally come first in repayment plans.<\/p>\n\n\n\n<p><strong>Tip:<\/strong> Consider transferring your credit card balance&nbsp;to a lower-interest card to save money on interest charges, which could help you pay down the principal faster.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-step-2-build-a-budget-to-free-up-cash-flow\">Step 2: Build a budget to free up cash flow<\/h2>\n\n\n\n<p>Once you know what you owe, it\u2019s time to create a budget to see where your money goes and find opportunities to redirect funds toward repayment.<\/p>\n\n\n\n<p><strong>Need help calculating your cash flow? <a href=\"https:\/\/www.rbcroyalbank.com\/personal-loans\/cash-flow-calculator.html\" data-dig-id=\"LP-96352-40cb5f59\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Try our free cash flow calculator\" class=\"rbc-link-format\">Try our free cash flow calculator<\/a>. <\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-follow-the-50-30-20-rule\">Follow the 50\/30\/20 rule<\/h3>\n\n\n\n<p>This common rule suggests dividing your monthly income into three categories: 50 per cent for needs, 30 per cent for wants and 20 per cent for savings\/debt. Here\u2019s how it works:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc mar-l mob-mar-l\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Needs:<\/strong> These are the necessities, such as housing, food, transportation, health care, child care and your minimum required debt payments. Allocate about 50 per cent of your income to this category.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Wants:<\/strong> This category is for non-essentials. Think vacations, dining out and treating yourself. A typical budget can afford to spend about 30 per cent on these optional items.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Savings and debt repayment:<\/strong> Direct the remainder of your income (about 20 per cent) toward debt payments above the minimum required amount and toward savings goals, such as an emergency fund, a home down payment or retirement.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-trim-discretionary-spending\">Trim discretionary spending<\/h3>\n\n\n\n<p>To increase the amount of money allocated to debt repayment, you can look more closely at where you might reduce costs in the other two categories. First, go through your non-essential spending line by line and ask yourself whether you could find a less-expensive alternative, or if it\u2019s really something you want to keep paying for right now. If not, consider cutting it out.<\/p>\n\n\n\n<p>Next, review your needs category. While these are expenses you can\u2019t eliminate, consider whether you can reduce their costs. Could you shop at a cheaper grocery store, for example, or find a less-expensive cell phone plan? Remember, mindful spending is a muscle. It strengthens the more you work it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-redirect-savings-to-debt-repayment\">Redirect savings to debt repayment<\/h3>\n\n\n\n<p>When debt and interest are piling up, consider redirecting your savings toward debt repayment. Set up automatic payments to higher-interest debts instead of your general savings account (beyond your emergency cushion).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-say-yes-to-budgeting-help\">Say yes to budgeting help<\/h3>\n\n\n\n<p>Creating a budget you can stick to is essential for success. Learn more about <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/budgeting\/mastering-money-tips-for-creating-a-budget-that-works-for-you\/\" data-dig-id=\"LP-96352-a9409ec2\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"mastering your money and tips for creating a budget that works for you.\" class=\"rbc-link-format\">mastering your money and tips for creating a budget that works for you.<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-step-3-create-a-debt-repayment-plan-that-fits-your-goals\">Step 3: Create a debt repayment plan that fits your goals<\/h2>\n\n\n\n<p>This strategy depends on your personality and financial situation. Here are the most popular methods:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-debt-avalanche-method\">Debt avalanche method<\/h3>\n\n\n\n<p><strong>Focus: <\/strong>Higher interest rate first.<\/p>\n\n\n\n<p><strong>How it works: <\/strong>Pay the maximum amount possible toward the debt with the highest interest rate, while making minimum payments on the rest.<\/p>\n\n\n\n<p><strong>Why it works: <\/strong>Reduces total interest paid and saves you money over time.<\/p>\n\n\n\n<p><strong>Who it&#8217;s best for: <\/strong>This method works for people who are patient and not easily discouraged by chipping away at debt more slowly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-debt-snowball-method\">Debt snowball method<\/h3>\n\n\n\n<p><strong>Focus: <\/strong> Smallest balance first.<\/p>\n\n\n\n<p><strong>How it works: <\/strong> Pay the maximum amount possible toward your smallest debt, making minimum payments on the rest. Once it&#8217;s paid off, apply the maximum to the next-smallest debt.<\/p>\n\n\n\n<p><strong>Why it works: <\/strong>Provides quick wins and the motivation to keep going.<\/p>\n\n\n\n<p><strong>Who it&#8217;s best for: <\/strong>This strategy is ideal if you need to see immediate success to stick to your plan over the long term.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-hybrid-approach\">Hybrid approach<\/h3>\n\n\n\n<p><strong>Focus: <\/strong> Smallest balance first.<\/p>\n\n\n\n<p><strong>How it works: <\/strong> Pay the maximum amount possible toward your smallest debt, making minimum payments on the rest. Once it&#8217;s paid off, apply the maximum to the next-smallest debt.<\/p>\n\n\n\n<p><strong>Why it works: <\/strong>Provides quick wins and the motivation to keep going.<\/p>\n\n\n\n<p><strong>Who it&#8217;s best for: <\/strong>This strategy is ideal if you need to see immediate success to stick to your plan over the long term.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Tip: <\/strong>Celebrate when you hit your milestones! Recognizing your progress can help motivate you to continue making positive financial choices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-step-4-consider-debt-consolidation-or-refinancing\">Step 4: Consider debt consolidation or refinancing<\/h2>\n\n\n\n<p>Tracking multiple debts with varying due dates and interest rates requires ongoing effort. Consolidation helps by rolling everything into one loan with a single monthly payment. This helps to streamline things and might even reduce your rate, particularly on credit card debt. Let\u2019s explore how it works.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-does-debt-refinancing-work\">How does debt refinancing work?<\/h3>\n\n\n\n<p>Refinancing is the process of exchanging existing debt<strong> for<\/strong>&nbsp;a new loan with better terms,&nbsp;<strong>such as<\/strong>&nbsp;a lower interest rate,&nbsp;a fixed payment schedule or simplified, single payments. If rates have fallen since you first borrowed, refinancing could lower both your monthly payment and your overall interest costs, helping you pay off debt faster.<\/p>\n\n\n\n<p><strong>Use our <a href=\"https:\/\/apps.royalbank.com\/uaw0\/personalloans\/payment?_ot=1761281034269-1%3A1%2C2%3A1%2C3%3A1%2C4%3A1&amp;_gl=1*updix0*_gcl_au*MzEwNjcyNjc5LjE3NjQ1OTU2Mjc.*_ga*MTc5ODkzOTc5Ny4xNzY0NTk1NjI3*_ga_89NPCTDXQR*czE3Njc3MDI0ODgkbzM4JGcxJHQxNzY3NzAyNzI5JGo0MSRsMCRoMA..\" data-dig-id=\"LP-96352-2e93d3c6\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"line of credit and loan calculator\" class=\"rbc-link-format\">line of credit and loan calculator<\/a> to determine your monthly fixed-rate loan payments.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-debt-consolidation\">What is debt consolidation?<\/h3>\n\n\n\n<p>Consolidating your debts is a type of refinancing. It means combining balances on multiple credit cards or loans into a <a href=\"https:\/\/www.rbcroyalbank.com\/personal-loans\/pay-down-debt.html\" data-dig-id=\"LP-96352-335624e9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"single line of credit or loan at a lower interest rate\" class=\"rbc-link-format\">single line of credit or loan at a lower interest rate<\/a>. The pros? Consolidating debt can free up cash, lower your rates and simplify your payments by creating a centralized debt at one financial institution.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-canadian-options-for-debt-consolidation\">Canadian options for debt consolidation<\/h3>\n\n\n\n<p>Canadians have several options for consolidating debt. You might take out a personal loan or open a line of credit to pay off multiple balances at once.&nbsp;Homeowners can also refinance their mortgage or set up a <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/mortgages\/home-equity-line-credit.html\" data-dig-id=\"LP-96352-34fef103\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"home equity line of credit (HELOC)\" class=\"rbc-link-format\">home equity line of credit (HELOC)<\/a> to access lower rates than&nbsp;what&nbsp;credit cards&nbsp;charge.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-risks-of-consolidating-debt\">Risks of consolidating debt<\/h3>\n\n\n\n<p>Consolidating debt has its advantages, but it also carries risks. You might bite off more than you can chew in terms of repayment, create a longer repayment horizon or negatively affect your credit score. If you leverage your home equity, there\u2019s also the risk of losing your home. Explore <a href=\"https:\/\/www.rbcroyalbank.com\/personal-loans\/pay-down-debt.html\" data-dig-id=\"LP-96352-4fee6f43\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"debt consolidation options\" class=\"rbc-link-format\">debt consolidation options<\/a> to see if this path makes sense for you.<\/p>\n\n\n\n<p><strong>Considering debt consolidation? Use our <a href=\"https:\/\/apps.royalbank.com\/apps\/personalloans\/debt-consolidation-calculator\/?_gl=1*1846wi3*_gcl_au*MzEwNjcyNjc5LjE3NjQ1OTU2Mjc.*_ga*MTc5ODkzOTc5Ny4xNzY0NTk1NjI3*_ga_89NPCTDXQR*czE3Njc3MDI0ODgkbzM4JGcxJHQxNzY3NzAyODAzJGoyOSRsMCRoMA..#!\/\" data-dig-id=\"LP-96352-d13ba7b4\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"debt consolidation calculator\" class=\"rbc-link-format\">debt consolidation calculator<\/a> to see how soon you could be debt free.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-reduce-your-debt\">How to reduce your debt<\/h2>\n\n\n\n<p>Debt relief programs help decrease what you owe or make repayment easier. Unlike consolidation, which involves repaying the entire amount, relief programs can reduce your actual debt or help during financial hardship.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-government-approved-debt-relief-programs\">Government-approved debt relief programs<\/h3>\n\n\n\n<p>Canada offers debt relief programs for specific government debts (such as federal student loans) during periods of financial hardship.&nbsp;If some of your debt is to the Canada Revenue Agency&nbsp;(CRA)<strong>,<\/strong>&nbsp;penalties and interest may be waived&nbsp;<a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/payments\/payments-cra\/getting-debt-relief.html\" data-dig-id=\"LP-96352-ab9c2328\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"if special circumstances apply to your situation\" class=\"rbc-link-format\">if special circumstances apply to your situation<\/a>. You can also request remission (full&nbsp;or partial debt relief) as a last resort when other options&nbsp;don\u2019t&nbsp;apply.<\/p>\n\n\n\n<p>If you have a Canada Student Loan or Canada Apprentice Loan, the Repayment Assistance Plan <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/education\/student-aid\/grants-loans\/repay\/assistance\/rap.html\" data-dig-id=\"LP-96352-984d28ac\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"may reduce your payments based on your income\" class=\"rbc-link-format\">may reduce your payments based on your income<\/a>. Borrowers with disabilities may be eligible for additional support through specialized programs.<\/p>\n\n\n\n<p>Homeowners can refinance their mortgage or set up a HELOC to access lower rates than what credit cards charge. In Canada, home loan refinancing rules typically allow you to borrow up to 80 per cent of your home\u2019s value minus what you owe on your mortgage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-debt-repayment-plan-5-steps-to-take-control-of-your-finances\">Debt repayment plan: 5 steps to take control of your finances<\/h2>\n\n\n\n<p>Ready to tackle your debt? Here&#8217;s your <a href=\"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\/\" data-dig-id=\"LP-96352-93b13af6\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"five-step debt repayment plan\" class=\"rbc-link-format\">five-step debt repayment plan<\/a> checklist:<\/p>\n\n\n\n<p><strong>Step 1: Organize<\/strong><br>Gather all your bills, statements and balances. Know the total amount of money you owe, as well as interest rates and minimum monthly payments.<\/p>\n\n\n\n<p><strong>Step 2: Set your budget<\/strong><br>Review your monthly income and expenses to determine how much you can allocate toward debt repayment.<\/p>\n\n\n\n<p><strong>Step 3: Reduce expenses where possible<\/strong><br>Consider ways to lower costs such as shopping at a different grocery store, choosing more-affordable food brands, opting for public transit or carpooling, moving to a more-affordable area or getting a roommate.<\/p>\n\n\n\n<p><strong>Step 4: Consider a debt consolidation loan<\/strong><br>When you consolidate your debts, you can take out a single loan and start making just one monthly payment. This can be a great way to simplify and even lower your total costs.<\/p>\n\n\n\n<p><strong>Step 5: Stick to the plan<\/strong><br>Lifestyle changes and financial sacrifices may be necessary to conquer your debt \u2013 stay committed to the plan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-additional-canadian-resources-for-debt-management\">Additional Canadian resources for debt management<\/h2>\n\n\n\n<p>Debt can sometimes feel insurmountable. But you don\u2019t have to do this alone. Take advantage of resources like credit counselling services and financial literacy programs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-credit-counselling-services\">Credit counselling services<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc mar-l mob-mar-l\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong><a href=\"https:\/\/creditcounsellingcanada.ca\/\" data-dig-id=\"LP-96352-4f970e83\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Credit Counselling Canada\" class=\"rbc-link-format\">Credit Counselling Canada<\/a><\/strong><a href=\"https:\/\/creditcounsellingcanada.ca\/\"><br><\/a>A non-profit service with objective, accredited professionals who help with your best interests in mind.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong><a href=\"https:\/\/www.cafe-acaf.org\/\" data-dig-id=\"LP-96352-4b96d523\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canadian Association for Financial Empowerment\" class=\"rbc-link-format\">Canadian Association for Financial Empowerment<\/a><\/strong><br>A collective of not-for-profit accredited agencies that can assist you with financial literacy and help you dig yourself out of debt.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-financial-literacy-programs\">Financial literacy programs<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc mar-l mob-mar-l\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The Financial Consumer Agency of Canada offers tools and information <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency.html\" data-dig-id=\"LP-96352-6458f1ee\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"to help Canadians make informed financial decisions\" class=\"rbc-link-format\">to help Canadians make informed financial decisions<\/a>. Their debt management resources include calculators, guides&nbsp;and&nbsp;tips for staying on top of your finances.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/debt.html\" data-dig-id=\"LP-96352-12ee3d53\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Managing debt \u2013 Canada.ca\" class=\"rbc-link-format\">Managing debt \u2013 Canada.ca<\/a><br>This site can teach you the fundamentals of understanding your debt, preventing future debt and what to do when dealing with debt collectors.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>RBC is here to help, too. Ready to take control of your debt? <strong><a href=\"https:\/\/www.rbcroyalbank.com\/dms\/campaign\/checkin\/index.html\" data-dig-id=\"LP-96352-226dfb70\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Book a check-in appointment \" class=\"rbc-link-format\">Book a check-in appointment <\/a><\/strong>with an RBC advisor to discuss a personalized repayment plan that works for you.<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel has-cool-white-background-color has-background\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-faqs\">FAQs<\/h3>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-accordion aligncenter accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleab3f97a1\" class=\"collapse-toggle collapsed\" data-target=\"#accordionab3f97a1\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-96352-ab3f97a1\" aria-controls=\"accordionab3f97a1\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What causes most debt in Canada?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What causes most debt in Canada?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionab3f97a1\" role=\"region\" aria-labelledby=\"accordion-titleab3f97a1\"><div class=\"collapse-inner\">\n<p>The most common sources are credit card spending, mortgages, student loans, car loans and unexpected expenses, such as health-related costs.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlee4cbcf62\" class=\"collapse-toggle collapsed\" data-target=\"#accordione4cbcf62\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-96352-e4cbcf62\" aria-controls=\"accordione4cbcf62\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What are the main types of debt?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What are the main types of debt?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordione4cbcf62\" role=\"region\" aria-labelledby=\"accordion-titlee4cbcf62\"><div class=\"collapse-inner\">\n<p>Debt typically falls into three categories: secured debt (such as mortgages and car loans), unsecured debt (including credit cards and personal loans) and government debt (such as student loans or taxes owed).<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titled46471cd\" class=\"collapse-toggle collapsed\" data-target=\"#accordiond46471cd\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-96352-d46471cd\" aria-controls=\"accordiond46471cd\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Will debt consolidation hurt my credit score?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Will debt consolidation hurt my credit score?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordiond46471cd\" role=\"region\" aria-labelledby=\"accordion-titled46471cd\"><div class=\"collapse-inner\">\n<p>It can affect your score briefly when you apply for a new loan, but consolidation simplifies payments and may lower your interest rate. Making payments on time will help your score recover and improve over the long term.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleea7e6880\" class=\"collapse-toggle collapsed\" data-target=\"#accordionea7e6880\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-96352-ea7e6880\" aria-controls=\"accordionea7e6880\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Should I pay off high-interest debt or save first?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Should I pay off high-interest debt or save first?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionea7e6880\" role=\"region\" aria-labelledby=\"accordion-titleea7e6880\"><div class=\"collapse-inner\">\n<p>You should direct your attention to high-interest debt such as credit cards, because interest accumulates faster than your savings can grow. Try to put aside a small emergency fund, then focus on debt repayment.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title7517cbe2\" class=\"collapse-toggle collapsed\" data-target=\"#accordion7517cbe2\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-96352-7517cbe2\" aria-controls=\"accordion7517cbe2\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What happens if I only make minimum payments?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What happens if I only make minimum payments?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion7517cbe2\" role=\"region\" aria-labelledby=\"accordion-title7517cbe2\"><div class=\"collapse-inner\">\n<p>You keep accumulating interest and end up paying back much more than you borrowed.<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-group  mar-b-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-center\">&nbsp;&nbsp;&nbsp;&nbsp; Ready to take control of your debt? Talk to an RBC advisor for a personalized repayment plan that works for you.<\/p>\n\n\n\n<div class=\"wp-block-buttons pad-b-hlf is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button  is-style-primary primary btn before\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbcroyalbank.com\/dms\/campaign\/checkin\/index.html\" data-dig-id=\"LP-96352-d98bff85\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Talk to an RBC advisor-https:\/\/www.rbcroyalbank.com\/dms\/campaign\/checkin\/index.html \">Talk to an RBC advisor<\/a><\/div>\n<\/div><\/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","protected":false},"excerpt":{"rendered":"<p>Struggling with debt? Learn how to pay off debt faster with repayment strategies, consolidation options and expert tips to build a debt-free future.<\/p>\n","protected":false},"author":319,"featured_media":96373,"parent":57274,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[510],"rbc_content_type":[31],"rbc_audience":[261,231,59,39,300,93,49,61],"rbc_lob_group":[506],"rbc_difficulty_level":[33],"rbc_mmm_category":[302,327,306],"class_list":["post-96352","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-credit-and-debt","rbc_content_type-article","rbc_audience-black","rbc_audience-indigenous","rbc_audience-newcomer","rbc_audience-parents","rbc_audience-relationships","rbc_audience-seniors","rbc_audience-students","rbc_audience-youth","rbc_lob_group-ways-to-bank","rbc_difficulty_level-beginner","rbc_mmm_category-debt-stress-relief","rbc_mmm_category-managing-and-consolidating-debt","rbc_mmm_category-struggling-to-make-ends-meet"],"acf":{"contently_publication_id":"","custom_author":"Royal Bank of Canada","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":[{"title":"Assess your current debts","url":"#h-step-1-assess-your-current-debts"},{"title":"Build a budget to free up cash flow","url":"#h-step-2-build-a-budget-to-free-up-cash-flow"},{"title":"Create a debt repayment plan that fits your goals","url":"#h-step-3-create-a-debt-repayment-plan-that-fits-your-goals"},{"title":"Consider debt consolidation or refinancing","url":"#h-step-4-consider-debt-consolidation-or-refinancing"},{"title":"Debt repayment plan: 5 steps to take control of your finances","url":"#h-debt-repayment-plan-5-steps-to-take-control-of-your-finances"},{"title":"Additional Canadian resources for debt management","url":"#h-additional-canadian-resources-for-debt-management"}],"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Struggling with debt? Learn how to pay off debt faster with repayment strategies, consolidation options and expert tips to build a debt-free future.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/struggling-to-make-ends-meet\/managing-and-consolidating-debt\/how-to-pay-off-debt-faster\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"Struggling with debt? 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