Debt Consolidation

Debt consolidation in Ontario is the process of combining multiple debts into a single loan or credit line, with the goal of simplifying your finances and potentially reducing the overall cost of your debt. Debt consolidation can be a good option if you have multiple debts with high interest rates, as it can help you streamline your payments and potentially save money on interest over time.

There are a few different ways to consolidate debt in Ontario:

Debt consolidation loans: These are loans that are specifically designed to pay off multiple debts at once. You can apply for a debt consolidation loan through a bank, credit union, or online lender.
Home equity loans or home equity lines of credit (HELOCs): These are loans that are secured by the equity in your home. They can be used to pay off multiple debts at once, and the interest on these loans may be tax-deductible.
Credit card balance transfers: Some credit cards offer low or 0% interest rates on balance transfers for a limited time. You can use a balance transfer credit card to pay off multiple debts at once and save on interest.