- 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.
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