Debt consolidation calculator · Canada
Would one loan beat all your payments?
Enter your debts as they are today, then a consolidation loan rate and term. You'll see the monthly payment, the payoff date and the total interest for each, side by side.
| Debt | Balance $ | Rate % | Monthly $ |
|---|---|---|---|
| Credit card | |||
| Store card | |||
| Line of credit | |||
| Other |
Keep paying as now
—Consolidation loan
—The guides
From the gentlest option to the most seriousYour options, compared
Consolidation loans, balance transfers, home equity, credit counselling, proposals and bankruptcy, side by side.
02Consolidation loans
How to qualify, what rates to expect, the new 35% interest cap, and when a loan makes things worse.
03Credit counselling & DMPs
How non-profit debt management plans cut interest, what they cost, and how they affect your credit.
04Consumer proposals
The legal alternative to bankruptcy: who qualifies, how much you repay, and what happens to your credit.
Quick answers
Does debt consolidation hurt your credit?
A consolidation loan causes a hard inquiry and a new account, which can dip your score briefly. Paying it on time and lowering card balances usually helps over time. Debt management plans and consumer proposals are noted on your report and have a bigger impact.
What's the cheapest way to consolidate debt?
For homeowners with equity, a secured line of credit is often cheapest, but it puts your home on the line. For others, a personal loan at a lower rate than your cards, or a low-rate balance transfer, can work if you have good credit.
Who can I talk to for free?
Non-profit credit counselling agencies offer free, confidential consultations. Licensed Insolvency Trustees also offer free initial meetings to review all your options, including consumer proposals.