Consolidating personal debt
Prime Rate is an annual variable rate of interest announced by Royal Bank of Canada from time to time as its Prime Rate.
The above calculations assume that for each loan, the debt is repaid in equal monthly installments for the specified term with no balance left at the end of the term.
This calculator is intended for consolidation loans only, and not mortgage refinancing.
The calculation is based on the accuracy and completeness of the data you have provided; is for illustrative and general information purposes only; and is not intended to provide specific financial or other advice and should not be relied upon in that regard.
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If you are thinking about debt consolidation, you might want to first consult a non-profit credit counselor.
Many people get into debt because they can’t afford to make monthly debt payments on top of paying for daily living expenses.
That precludes you from having to keep track of multiple payments (and balances) each month. That’s because the rates on personal loans are determined largely by your credit score.
Debt consolidation is a strategy to roll multiple old debts into a single new one.
Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.
Having great credit gets you the lowest interest rate on these loans.
If you have poor credit, you may not be able to qualify for a loan.