Information on consolidating debts
Find out more about how debt consolidation loans work, then get free debt advice before you make a decision.
If you’ve got lots of different debts and you’re struggling to keep up with repayments, you can merge them together into one loan to lower your monthly payments.
But, if you are looking to have one convenient payment each month or to improve your monthly cash flow while still working toward being debt free, an RBC credit specialist can help. The current payment amount is based on the total monthly payment amount for all debts at the time of calculation, which could include interest-only payments for credit cards and lines of credit balances, and assumes that the debt is repaid in equal monthly installments for the specified comparison period, and depending on how much is paid toward the principal, could potentially have a balance at the end of the comparison period (may not be paid off in full).
Personal lending products offered by Royal Bank of Canada and are subject to credit approval.
The calculation assumes a constant interest rate throughout the amortization period and the total interest cost is averaged over the life of the loan rounded to the nearest dollar.
This is the cheapest way if you repay within the interest-free or low-interest period.
Based on the details you’ve entered, it appears that you’ll be debt free sooner with your current payment plan.
But, if you are looking to have one convenient payment each month or to improve your monthly cash flow while still working toward being debt free, an RBC credit specialist can help. Based on the details you’ve entered, it appears that you’ll be debt free sooner with your current payment plan.
Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or results in connection with the calculator.
Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results.