{"id":38359,"date":"2026-05-29T15:30:50","date_gmt":"2026-05-29T19:30:50","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/?p=38359"},"modified":"2026-05-29T15:30:53","modified_gmt":"2026-05-29T19:30:53","slug":"best-ways-pay-off-debt-canada","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/creditor-insurance\/best-ways-pay-off-debt-canada","title":{"rendered":"Best Ways to Pay Off Debt: A Guide for Canadians"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">Best Ways to Pay Off Debt: A Guide for Canadians<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2026-05-26T14:50:34.486Z\">May 26, 2026<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">12 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Sandy-Yong.webp?quality=80&w=633\" alt=\"Sandy Yong\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Sandy Yong<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\">Insurance Writer<\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Best-Ways-to-Pay-Off-Debt-A-Guide-for-Canadians.webp?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Best Ways to Pay Off Debt A Guide for Canadians\" style=\"object-fit:cover;\" 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sharing-custom sharing-email\" href=\"mailto:?subject=Best Ways to Pay Off Debt: A Guide for Canadians &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/creditor-insurance\/best-ways-pay-off-debt-canada\" aria-label=\"Email\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/creditor-insurance\/best-ways-pay-off-debt-canada\" aria-label=\"Copy URL\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Understanding debt<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-understanding-debt\">Understanding debt<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-take-stock-of-what-you-owe-0\">Take stock of what you owe<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-best-debt-repayment-strategies-for-canadians\">Best debt repayment strategies for Canadians<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-how-to-build-a-budget-that-supports-debt-repayment-0\">How to build a budget that supports debt repayment<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-additional-tips-for-paying-off-debt-fast\">Additional tips for paying off debt fast<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-how-creditor-insurance-can-help-protect-your-debt-repayment-plan-0\">How creditor insurance can help protect your debt repayment plan<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-get-a-homeprotector-insurance-quote-in-minutes\">Get a HomeProtector Insurance Quote in Minutes<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>Many Canadians aspire to buy a home or a car someday. When they reach these milestones, they often need to take on significant debt to afford a comfortable lifestyle. In fact, the average Canadian household debt (excluding mortgages) in the first quarter of 2025 was almost $22,000, according to a <a href=\"https:\/\/assets.equifax.com\/assets\/canada\/english\/consumer-trends-report-2025-q1-en.pdf\" target=\"_blank\" data-dig-id=\"LP-CreditorInsurance-38359-3e7ee1ec\" data-dig-category=\"LP-CreditorInsurance\" data-dig-action=\"link click\" data-dig-label=\"report by Equifax\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">report by Equifax<\/a>.&nbsp;<\/p>\n\n\n\n<p>With the high cost of living, carrying debt has become more common for many Canadians, especially when factoring in a mortgage. Even so, having a plan can make all the difference in navigating your financial situation.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re looking to find the best way to pay off debt, you\u2019ve come to the right place. Here, we\u2019ll explain the types of debt, outline proven repayment strategies, and explore how <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/loan-mortgage-credit-protection\/\" data-dig-id=\"LP-CreditorInsurance-38359-f21c7eb0\" data-dig-category=\"LP-CreditorInsurance\" data-dig-action=\"link click\" data-dig-label=\"creditor solutions\" class=\"rbc-link-format\">creditor solutions<\/a> can protect your finances.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article\">\n<h3 class=\"wp-block-heading calloutCard__article__heading\" id=\"h-key-takeaways\">Key takeaways<\/h3>\n\n\n\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Debt comes in all forms: student loans, credit cards, lines of credit, auto loans, or mortgages.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Listing out all the forms of debt you carry can provide clarity in building a debt repayment plan.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The debt snowball and debt avalanche methods are classic strategies to get out of debt.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Cutting costs and increasing income may help with paying down debt faster.<\/p>\n<\/li>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>To protect your valuable assets, creditor insurance could provide the financial safety net you need in the event of job loss, disability or death.<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\" id=\"h-understanding-debt\">Understanding debt<\/h2>\n\n\n\n<p>The first thing to understand about debt is that not all debt is &nbsp;created equal. If you carry multiple loans, it\u2019s important to understand the common types. In Canada, debt often includes mortgages, credit cards, personal loans, lines of credit, and student loans.&nbsp;&nbsp;<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h3 class=\"wp-block-heading\" id=\"h-secured-debt-vs-unsecured-debt\">Secured debt vs. unsecured debt<\/h3>\n\n\n\n<p>You may have heard about secured and unsecured debt. Secured debt is when your loan is backed by assets (known as collateral) such as your car or home. Mortgages and auto loans are common examples. Because the loan is secured, you may receive more favourable interest rates than with unsecured debt. However, if you fail to make payments, the lender may be able to take away the asset.&nbsp;<\/p>\n\n\n\n<p>Unsecured debt, on the other hand, doesn\u2019t require collateral. Credit card debt or personal loans are examples of unsecured debt. Lenders typically review your credit score and may have stricter eligibility requirements. Interest rates are often higher than for secured debt because the lender is taking on more risk.<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h3 class=\"wp-block-heading\" id=\"h-installment-vs-revolving-debt\">Installment vs. revolving debt<\/h3>\n\n\n\n<p>For installment (non-revolving) loans, the lender gives you a lump sum amount. For example, when you purchase a home, you take on a mortgage and make fixed installment payments that include the principal and interest over a set term. This also applies to auto loans, student loans, and personal loans.&nbsp;<\/p>\n\n\n\n<p>With revolving credit, you\u2019re given a credit limit, say $10,000, and you can borrow as much as you need up to that limit. As you repay what you owe, that credit becomes available to use again. Each month, you must make at least the minimum payment. Otherwise, the interest and the outstanding balance will carry over to the next month. Personal lines of credit, home equity lines of credit (HELOCs) and credit cards are common forms of revolving credit.&nbsp;<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\" id=\"h-take-stock-of-what-you-owe\">Take stock of what you owe<\/h2>\n\n\n\n<p>Sometimes debt can gradually creep up on you, from graduating with a student loan to getting your first credit card as an adult. Before you know it, you might buy a new car and open a personal loan to cover medical expenses. So, it\u2019s understandable to feel overwhelmed when you\u2019re juggling multiple debts.&nbsp;<\/p>\n\n\n\n<p>To organize your debt, start by listing everything you owe. Be sure to write down the following information:&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-list list\">\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Creditor name<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Outstanding balance<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Interest rate<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Minimum monthly payment<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>This exercise can provide clarity and help to reduce anxiety. Seeing the full picture can make it easier to make better-informed decisions about your repayment plan.<\/p>\n\n\n\n<p>As you put your repayment strategy into action, don\u2019t miss making your minimum loan payments on every debt. If you miss a minimum payment, interest charges will continue to grow, and your balance may become harder to manage in the future. <\/p>\n\n\n\n<p>If your goal is to get out of debt fast, consider tackling high-interest balances first while keeping up with low-interest obligations.&nbsp;<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\" id=\"h-best-debt-repayment-strategies-for-canadians\">Best debt repayment strategies for Canadians<\/h2>\n\n\n\n<p id=\"h-\">When it comes to learning how to get out of debt fast, there\u2019s no single solution. Instead, think of this section as a tool kit that offers a variety of strategies. Each \u201ctool\u201d can work for a different financial situation, personality, or motivational style. Remember, there\u2019s no one right way to get out of debt\u2014what matters the most is that you\u2019re making progress.<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h3 class=\"wp-block-heading\" id=\"h-debt-avalanche-method\">Debt avalanche method<\/h3>\n\n\n\n<p>If you want to pay off debt as quickly and cost-effectively as possible, the debt avalanche approach could be suitable for you. In simple terms, the debt avalanche method focuses on directing all extra payments to the debt with the highest interest rate first, such as a credit card. If your budget allows, any additional payments toward this balance will help pay it down faster. Meanwhile, you\u2019ll continue to make minimum payments on all your other debts.&nbsp;<\/p>\n\n\n\n<p>Once the highest-interest debt is paid off, you redirect those payments to the next highest-interest debt. You repeat this process until all your debts are fully repaid. This strategy is ideal for Canadians who are financially disciplined and motivated by saving the most money over time.<\/p>\n\n\n\n<p>The main advantage is that, from a mathematical point of view, it minimizes the total interest paid and is generally the fastest way to become debt-free. However, the \u201cwins\u201d may feel slower if the highest-interest debt also carries a large balance.&nbsp;<\/p>\n\n\n\n<p>If you choose to follow this method, begin by listing all your debts in order of interest rate, from highest to lowest. Then focus on paying off the one with the highest interest rate first.&nbsp;<\/p>\n\n\n\n<p>Many people wonder, \u201cWhat is the best way to pay off credit card debt?\u201d Since credit cards tend to have the highest interest rates in the market, using the debt avalanche method could help you pay down your credit card balance more efficiently and get out of debt faster.&nbsp;<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h3 class=\"wp-block-heading\">Debt snowball method<\/h3>\n\n\n\n<p>The debt snowball method takes the different approach to the debt avalanche method. It works by focusing on paying off the debt with the smallest balance first, regardless of the interest rate.<\/p>\n\n\n\n<p>If you have additional money available, make extra payments to help the balance shrink faster. Once the smallest debt is paid off, you roll that payment amount into the next smallest balance. The momentum builds gradually, like a snowball.&nbsp;<\/p>\n\n\n\n<p>This method is best for people who want the psychological motivation of a quicker win to stay on track. The key benefit is that it helps builds confidence and momentum when paying off multiple debts. It can also reduce the number of creditors you owe more quickly.&nbsp;<\/p>\n\n\n\n<p>An important consideration is that it may cost more in total interest than the avalanche method, depending on your balances. As a tip, be sure to celebrate each paid-off debt because these wins\u2014no matter how big or small\u2014matter and can encourage you to keep going.&nbsp;<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h3 class=\"wp-block-heading\">Snowflake method<\/h3>\n\n\n\n<p>Another popular debt repayment strategy is the snowflake method. With this approach, you make small, additional micro-payments toward debt whenever extra cash is available. This money could come from a side gig, a tax refund, or even as simple as skipping a coffee purchase.&nbsp;<\/p>\n\n\n\n<p>You might not think that a few dollars here and there would make a difference. However, if you\u2019re consistent and intentional about putting these amounts toward your debt, these tiny payments\u2014just like small snowflakes that start to pile up\u2014can make a positive impact over time.&nbsp;<\/p>\n\n\n\n<p>For those with tight budgets who want to accelerate repayment without committing to a rigid system, the snowflake method can be highly effective. It also pairs well&nbsp;with the avalanche or snowball method as a supplement.<\/p>\n\n\n\n<p>If you\u2019re keen on eliminating your debt, every extra dollar directed at the principal reduces the amount of interest you\u2019ll pay. Overall, the snowflake method is a flexible, low-pressure way to shorten your timeline to becoming debt-free.&nbsp;<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h3 class=\"wp-block-heading\">Debt consolidation<\/h3>\n\n\n\n<p>Balancing a large amount of debt or multiple debts can be challenging for some individuals. Debt consolidation could make paying down debt less stressful. This strategy combines different forms of debts into a single loan or line of credit, ideally at a lower interest rate.<\/p>\n\n\n\n<p>In Canada, you have several options to consolidate your debt, such as a personal consolidation loan, or a home equity line of credit (HELOC). If you have multiple high-interest debts and want a single, manageable monthly payment, debt consolidation could be a viable option to explore.&nbsp;<\/p>\n\n\n\n<p>Keep in mind that debt consolidation is a tool to help you manage what you owe. You may still need to adjust your spending habits to ensure that, once you reduce your debt, you don\u2019t start racking it up again.&nbsp;<\/p>\n\n\n\n<p>A potential drawback is that with debt consolidation, you may need a longer repayment period, which could result in paying more in total interest, even at a lower rate. Always do the math to understand the advantages and disadvantages of consolidating your debt.&nbsp;<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\" id=\"h-how-to-build-a-budget-that-supports-debt-repayment\">How to build a budget that supports debt repayment<\/h2>\n\n\n\n<p>If you want to be successful in paying down your debt, it\u2019s important to have a budget that supports your financial goals. In reality, no repayment strategy works well without a solid budget behind it.&nbsp;<\/p>\n\n\n\n<p>There are different budgeting methods that you can choose from. If you\u2019re unsure where to start, consider the 50\/30\/20 budgeting rule. With this approach, you allocate 50 per cent of your funds to needs, such as housing and bills, 30 per cent to wants, and 20 per cent to savings and debt repayment.&nbsp;<\/p>\n\n\n\n<p>It\u2019s also a good time to review your budget and see where you are spending money. Many households have ongoing subscriptions that they may have forgotten about, such as streaming apps, gaming services, software, or fitness memberships. Review your subscription list and see if these services are still worth keeping.<\/p>\n\n\n\n<p>Also examine your dining habits and discretionary spending \u2013 everything from a daily cappuccino to take out, car share rides, clothing, or items from the drugstore. These are key areas where people tend to \u201cfind money\u201d to put toward debt repayment.<\/p>\n\n\n\n<p>You can also simplify your debt payments by automating them and help ensure that you don\u2019t miss any payments. There are apps available to help you &nbsp;track your progress, or create a simple excel sheet to track your debt payments and net worth each week or month. &nbsp;<\/p>\n\n\n\n<p id=\"h-\">While there\u2019s only so many costs you can cut within your budget, when it comes to earning extra income, the sky\u2019s the limit. Consider taking on a side gig or negotiating a raise during your performance review. These moves can be just as powerful as reducing expenses.&nbsp;<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\" id=\"h-additional-tips-for-paying-off-debt-fast\">Additional tips for paying off debt fast<\/h2>\n\n\n\n<p>Figuring out how to manage debt may require trying out different techniques to see which ones work best for you. Here are some additional ways to support your journey to becoming debt-free.<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-list list\">\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Make lump-sum payments directly toward the principal. Use your tax refunds, tips, or bonuses.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Automate payments to avoid missed payments, which can lead to additional fees and interest.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Negotiate a lower interest rate directly with your lender. They may be able to offer you a reduced rate for a certain period.&nbsp;&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Review your debt progress quarterly to stay on track and make any necessary adjustments.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Avoid taking on new debt, especially consumer debt, while executing a repayment plan. Remember, it\u2019s not \u201cfree\u201d money\u2014you need to repay any funds you borrow.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Consider speaking with an financial advisor for personalized guidance. You may also wish to consider <a href=\"https:\/\/www.rbcroyalbank.com\/credit-cards\/campaign\/balanceprotector\/index.html\" target=\"_blank\" data-dig-id=\"LP-CreditorInsurance-38359-2dca9101\" data-dig-category=\"LP-CreditorInsurance\" data-dig-action=\"link click\" data-dig-label=\"insuring your credit card balance\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">insuring your credit card balance<\/a> from job loss or disability. &nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Build an emergency savings fund to cover three to six months&#8217; worth of expenses. A cash cushion can provide a safety net, so you don\u2019t have to rely on expensive loans.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\" id=\"h-how-creditor-insurance-can-help-protect-your-debt-repayment-plan\">How creditor insurance can help protect your debt repayment plan<\/h2>\n\n\n\n<p>Once you\u2019ve established a debt repayment plan, you\u2019ve already taken a significant step toward becoming debt-free. While there\u2019s no single best way to pay off debt, following these strategies above will empower you to make steady progress.<\/p>\n\n\n\n<p>While you work to pay off your debt, you may want to add an extra layer of protection to your finances.<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-list list\">\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>If you carry credit card debt, <strong><a href=\"https:\/\/www.rbcroyalbank.com\/credit-cards\/campaign\/balanceprotector\/index.html\" data-dig-id=\"LP-CreditorInsurance-38359-c8b98084\" data-dig-label=\"BalanceProtector Max\" data-dig-action=\"link click\" data-dig-category=\"LP-CreditorInsurance\" class=\"rbc-link-format\">BalanceProtector Max<\/a> <\/strong>helps protect you and your family in the event of job loss, total disability, or death.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If you have a loan or a line of credit, then <strong><a href=\"https:\/\/www.rbcroyalbank.com\/loans-line-of-credit\/loanprotector-insurance.html\" data-dig-id=\"LP-CreditorInsurance-38359-32c6c24d\" data-dig-label=\"LoanProtector Insurance\" data-dig-action=\"link click\" data-dig-category=\"LP-CreditorInsurance\" class=\"rbc-link-format\">LoanProtector Insurance<\/a><\/strong> can protect you and your family in the event of illness, disability or death.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If you have a mortgage, <strong><a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/homeprotector-mortgage-insurance.html\" data-dig-id=\"LP-CreditorInsurance-38359-0868761b\" data-dig-label=\"HomeProtector Insurance\" data-dig-action=\"link click\" data-dig-category=\"LP-CreditorInsurance\" class=\"rbc-link-format\">HomeProtector Insurance<\/a><\/strong> helps protect your home and your family in the event of illness, disability, or death.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Learn more about <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/creditor-insurance\/what-is-creditor-insurance-canada\/\" data-dig-id=\"LP-CreditorInsurance-38359-fcf5efa6\" data-dig-category=\"LP-CreditorInsurance\" data-dig-action=\"link click\" data-dig-label=\"creditor insurance and how it works\" class=\"rbc-link-format\">creditor insurance and how it works<\/a> or speak to an <a href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/personal-insurance\/contact-us\/index.html\" data-dig-id=\"LP-CreditorInsurance-38359-869c066b\" data-dig-category=\"LP-CreditorInsurance\" data-dig-action=\"link click\" data-dig-label=\"accredited advisor\" class=\"rbc-link-format\">accredited advisor<\/a> who can answer your questions and discuss your options.<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-get-a-homeprotector-insurance-quote-in-minutes\"><strong>Get a HomeProtector Insurance Quote in Minutes<\/strong><\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect your family and your financial future with affordable insurance coverage on\u00a0<strong>your RBC Royal Bank<sup>\u00ae<\/sup>\u00a0Mortgage.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button has-custom-font-size btn is-style-primary primary has-text-lg-font-size aligncenter\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/apps.royalbank.com\/apps\/creditor-insurance\/homeprotector\/?lang=en\" rel=\"noreferrer noopener\" data-dig-id=\"LP-289-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/apps.royalbank.com\/apps\/creditor-insurance\/homeprotector\/?lang=en \">Get a quote<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-get-a-loanprotector-insurance-quote-in-minutes\"><strong>Get a LoanProtector Insurance Quote in Minutes<\/strong><\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect your family&#8217;s lifestyle and your financial future with affordable insurance coverage on\u00a0<strong>your RBC Royal Bank<sup>\u00ae<\/sup>\u00a0personal loan or line of credit.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button has-custom-font-size btn is-style-primary primary has-text-lg-font-size aligncenter\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/apps.royalbank.com\/apps\/creditor-insurance\/loanprotector\/?lang=en\" rel=\"noreferrer noopener\" data-dig-id=\"LP-288-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/apps.royalbank.com\/apps\/creditor-insurance\/loanprotector\/?lang=en \">Get a quote<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-HomeInsurance-14506-2de7ba0a\" data-dig-category=\"LP-HomeInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Carrying debt has become more commonplace in Canada. However, having a plan to pay off debt fast can help Canadians take control of their finances. <\/p>\n","protected":false},"author":208,"featured_media":38356,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[55],"tags":[57],"article-type":[80],"ppma_author":[185],"class_list":["post-38359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-creditor-insurance","tag-creditor-insurance","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Best Ways to Pay Off Debt: A Guide for Canadians | RBC Insurance<\/title>\n<meta name=\"description\" content=\"Carrying debt has become more commonplace in Canada. 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However, having a plan to pay off debt fast can help Canadians take control of their finances.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/creditor-insurance\/best-ways-pay-off-debt-canada\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Insurance\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-29T19:30:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-29T19:30:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Best-Ways-to-Pay-Off-Debt-A-Guide-for-Canadians.webp?quality=80\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Sandy Yong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"noellagilkes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"39 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/creditor-insurance\\\/best-ways-pay-off-debt-canada\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/creditor-insurance\\\/best-ways-pay-off-debt-canada\\\/\"},\"author\":{\"name\":\"noellagilkes\",\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/#\\\/schema\\\/person\\\/401857fcb2c7717f8c04c3d33e8bc689\"},\"headline\":\"Best Ways to Pay Off Debt: A Guide for Canadians\",\"datePublished\":\"2026-05-29T19:30:50+00:00\",\"dateModified\":\"2026-05-29T19:30:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/creditor-insurance\\\/best-ways-pay-off-debt-canada\\\/\"},\"wordCount\":2285,\"publisher\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/creditor-insurance\\\/best-ways-pay-off-debt-canada\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/06\\\/Best-Ways-to-Pay-Off-Debt-A-Guide-for-Canadians.webp?quality=80\",\"keywords\":[\"Creditor Insurance\"],\"articleSection\":[\"Creditor Insurance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/creditor-insurance\\\/best-ways-pay-off-debt-canada\\\/\",\"url\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/creditor-insurance\\\/best-ways-pay-off-debt-canada\\\/\",\"name\":\"Best Ways to Pay Off Debt: A Guide for Canadians | RBC Insurance\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/creditor-insurance\\\/best-ways-pay-off-debt-canada\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/creditor-insurance\\\/best-ways-pay-off-debt-canada\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/06\\\/Best-Ways-to-Pay-Off-Debt-A-Guide-for-Canadians.webp?quality=80\",\"datePublished\":\"2026-05-29T19:30:50+00:00\",\"dateModified\":\"2026-05-29T19:30:53+00:00\",\"description\":\"Carrying debt has become more commonplace in Canada. 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