Debt · Canada
Debt consolidation.
Compare your existing debts against a single consolidated loan. See potential monthly and lifetime interest savings before you commit.
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Comparison
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What is debt consolidation?
Debt consolidation is the process of combining multiple debts into a single loan, typically with a lower interest rate and a single monthly payment. This can simplify finances and save money on interest.
Benefits
- Lower monthly payment via lower rate or longer term.
- Simplified finances: one payment instead of many.
- Lower interest rate than typical credit cards.
- Fixed payoff date — know when you're debt-free.
Things to consider
- Origination or application fees on some loans.
- Longer term can mean more total interest even with a lower rate.
- Consolidation won't help if new debt keeps accumulating.
- Some loans require collateral (e.g. home equity).
- Best rates require good credit.
Disclaimer
This calculator provides estimates for educational and informational purposes only. Actual loan terms, rates, and savings will vary based on your creditworthiness, lender policies, and current market conditions. Consider consulting a financial advisor or non-profit credit counselor before consolidating.