Use the Debt Consolidation Analyzer
Analyze Your Debts
How This Tool Works
- 1
Add each of your current debts: balance, interest rate, and minimum monthly payment
- 2
Enter the consolidation loan rate you expect to receive (max 35% under Canadian law)
- 3
Select your preferred consolidation loan term (6–84 months)
- 4
The tool calculates your total current payments vs. a single consolidated payment
- 5
See your potential monthly savings and total interest savings, factoring in Canadian lending conditions
Ready to Compare Your Options?
See personalized loan offers from 50+ Canadian lenders — no impact to your credit score.
Understanding Your Results
If the analyzer shows significant savings, consolidation may be a good strategy. However, consider whether extending the loan term means you'll pay more interest overall even with lower monthly payments. In Canada, consolidation loans are subject to the 35% APR cap, ensuring you're protected from excessive rates. A good consolidation deal should reduce both your monthly payment and your total interest paid.
Responsible Borrowing Advice
Debt consolidation only works if you stop accumulating new debt on the accounts you've paid off. Cut up credit cards or reduce limits after consolidation. Consider speaking with a licensed Canadian insolvency trustee if your debts are overwhelming. The Government of Canada also offers free financial counselling services.