One payment is helpful only when the new structure improves the overall debt plan. Compare consolidation loans, lines of credit, balance transfers and debt management plans, then estimate the payment and interest difference.
Review personal-loan paths that may be used to consolidate eligible debts, then confirm approval, payout process, APR, fees, term and total repayment.
LGCompare detailsA personal-loan route to compare for a defined consolidation amount and scheduled repayment.
SCCompare detailsAn installment option to review for current eligibility, term and payment affordability.
ZLCompare detailsAnother digital loan path to compare without assuming that one payment automatically reduces the total cost.
Debt consolidation combines multiple debts into one payment, usually through a new loan, line of credit, balance transfer or debt management plan.
The consolidation should be judged by the new rate, fees, term, total repayment, creditor treatment and whether new balances will be avoided.
Consolidation may help when the new payment is affordable, the full cost is competitive and the underlying balances will not be rebuilt.
Each route changes the payment and creditor relationship differently. Compare eligibility, total cost and repayment discipline.
A lump sum used to pay eligible debts, repaid by installments.
Compare Personal LoansA revolving limit used to combine balances.
Compare Lines of CreditEligible card balances moved to a promotional rate.
Compare Credit CardsA credit counsellor proposes one payment to participating creditors.
Explore Debt ReliefCompare the practical benefit with the cost, repayment pressure and long-term effect.
MoneyMatch organizes consolidation and debt-support routes around balances, payment priorities and general profile, then highlights the trade-offs to review.
List the existing debts first, then compare the proposed rate, fees, term, total repayment and effect on each old account.
A new loan may be used to pay several eligible debts. You then repay the consolidation loan through scheduled payments. Confirm whether funds are sent to you or directly to creditors.
Not automatically. It changes the structure. The total debt falls only through payments, reduced interest or an accepted settlement or formal process.
Extending the term spreads repayment over more months. Even with a lower rate, the added time or fees may increase total interest.
Some accounts may remain open after being paid. Decide whether limits should be reduced or accounts closed, while considering fees, credit history and future needs.
A reputable credit counsellor may propose one affordable payment to participating creditors. FCAC notes that consumers usually repay 100% of the debt, and interest may be reduced in some cases.
When debts cannot be repaid through the budget, speak with a reputable credit counsellor or Licensed Insolvency Trustee. Only a Licensed Insolvency Trustee can administer consumer proposals and bankruptcies.
Compare whether the route creates a fixed payoff, a promotional window, an open balance or a creditor arrangement.
| Compare | Consolidation loan | Line of credit | Balance transfer | Debt management plan |
|---|---|---|---|---|
| Typical structure | Fixed installment loan | Revolving approved limit | Promotional card transfer | One payment through counsellor |
| Cost to compare | APR, fees and total repayment | Variable rate and payoff duration | Transfer fee, promo and regular rate | Program fees and creditor interest |
| Repayment | Fixed scheduled payment | Minimum plus optional extra | Minimum with promo deadline | Agreed monthly plan |
| Main caution | Long term may raise total cost | Balance may stay open-ended | Promo expiry can increase cost | Not every debt or creditor is included |
Product terms, eligibility, laws and timing vary. Use this table to identify the structure, then review the current written disclosure and applicable consumer protections.
Compare the same balance and payoff term at the current weighted average rate and a proposed consolidation rate.
Enter the total debt, current weighted average annual rate, proposed rate and payoff term. Add provider fees separately before deciding.
Illustration only. It assumes the same balance and term, excludes fees and does not account for changing rates, missed payments or new purchases. A lower proposed payment is not guaranteed.
Some eligible products may include an exclusive MoneyMatch Cash Back offer after approval and completion of the applicable requirements.
Eligible products can include an exclusive MoneyMatch Cash Back offer after provider approval and completion of the applicable product requirements. Availability, amount, timing and conditions vary by product. A recommendation, click or application alone does not earn Cash Back.
We organize comparisons around fit, material product details and the trade-offs you should understand before continuing.
We consider the requested amount, timeline, general profile, goals and preferred product structure.
We surface material advertised costs, repayment structure, verification and provider requirements when available.
We explain why a route may fit and which limitations, consumer protections and alternatives deserve review.
Clear answers to common questions about cost, eligibility, repayment and MoneyMatch recommendations.
Debt consolidation combines multiple debts into one payment, commonly through a loan, line of credit, balance transfer or debt management plan.
Not automatically. It reorganizes the debts. Savings depend on the new rate, fees, term and whether additional balances are avoided.
A new credit application may involve an inquiry and new account. Payment history, balances and account changes may also affect the score over time.
Some options may be available, but approval and a lower rate are not guaranteed. Compare the complete cost and consider reputable debt-support alternatives.
No. A debt management plan is an arrangement proposed through a credit counsellor to participating creditors. A consolidation loan is new credit.
Consider professional advice when the debts cannot be repaid through the budget or consolidation. Licensed Insolvency Trustees are the federally regulated professionals who administer consumer proposals and bankruptcies.
No. MoneyMatch provides education and organizes relevant product paths. Lenders, counsellors and licensed professionals control applications, plans, approvals and agreements.
Answer a few questions to organize consolidation, credit and debt-support paths around your balances and payment priorities.