Banks and credit unions are typically only willing to lend people around 10% of their net worth (your assets minus your debts) on an unsecured basis.So if you ask your bank for a debt consolidation loan of ,000, but your net worth is only ,000, they will probably decline your request.
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.
To speak with an RBC credit specialist, call 1-855-834-1782.
If you have a number of debts, you may wish to merge them all into one loan. There may be a number of reasons why you would wish to do this.
If you find yourself doing this every year or two, that means that you are spending more than you make, and it is going to take forever to get your mortgage paid off at this rate.
You can see if your bank or credit union is able to provide you with a debt consolidation loan.