Make a list of all your debts. Check the outstanding balances, interest rates you are currently paying and if there are any penalties for paying the debt early.
Tidy up your finances in 2017
Paying too much for an existing loan, credit card or overdraft?
Things to consider
You could benefit from combining any balances you have into a single monthly payment. This may make it easier to keep track of your payments, could save you money and help you pay off your balance faster.
Taking on any new debt is a big decision. Make sure you understand if, by extending the term of any debt, more interest is payable in the long run.
Use our helpful tools
Not sure what type of borrowing is right for you? Use our borrowing needs tool to compare the features of different types of lending.
You might want to use our loan calculator to find the right debt consolidation loan for you or our personalised loan quote or credit card eligibility checker to find out if you're likely to be approved. There is no impact on your credit rating if you use the tool and it will help you to compare your current commitments with new lending.
Think through your options, for example using savings to reduce debt could be cheaper than a new loan
The interest you receive on your savings might be lower than interest you pay on a loan, credit card or overdraft so you might want to consider paying off your existing debt with any savings you have.
If you're struggling with excessive monthly payments you may want to speak to your current lenders, they may be able to help with a new payment plan or a re-payment holiday.
Paying a high interest rate on your existing credit cards?
You could consider transferring your balance to a new credit card with a lower interest rate. You should be able to compare credit card rates by looking for the Annual Percentage Rate (APR) but remember to check for any additional fee's and charges that may make a lower rate card more expensive (especially any fee's for transferring a balance).
To apply for a Royal Bank credit card you must be 18 or over. Other eligibility applies.
Fixed term, fixed monthly repayments
If you're looking to consolidate debt (such as paying off credit or store cards) and want to pay fixed monthly repayments, a personal loan might best suit your needs.
Borrow between £1,000 and £35,000 over a term of 1 to 5 years. Our personalised loan quote tool will show you if you're likely to be accepted and how much it would cost to pay off each month.
Over 18s and existing Royal Bank current accounts customers only.
Giving you peace of mind in 2017
When an unexpected bill crops up an arranged overdraft could help give you peace of mind that you can keep it covered.
You can spend up to a pre-agreed limit and you'll only be charged when you use it. Arranged overdrafts are only available to eligible customers with a NatWest current account, aged 18 or over.