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Guide To Debt Consolidation Programs In Canada

In Canada, there are various ways of consolidating your debt. If you are a Canadian and are looking for a guide to debt consolidation programs, this is the right place for you to know your options; and find steps on how to choose the right program for you.

If you have read enough but want to know more, you can skip this by clicking on the button below to get directed to our debt savings estimate calculator, and one of our team members will get in touch with you to discuss the best debt consolidation program for you.

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Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

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In this article, we will discuss the top 5 Debt Consolidation Programs in Canada.

Get the best debt consolidation advice for free. You don’t need to leave your home to talk to us, just simply click on the below button to get your free consultation via zoom or phone call.

1. Consolidate Your Debt Using a New Loan

Consolidation program Canada

It is the method of taking out a new loan to pay off other obligations or debts. Multiple liabilities are combined into a single and larger loan.


  • You will only have one monthly payment to keep track of
  • Often gets a lower interest rate
  • Your new debt is paid off in as early as 2 years up to a maximum of 5 years
  • Comparably lower fees


  • Some banks may require collateral or co-maker
  • You need to have good credit to qualify.
  • You have a fair amount of chance to get behind due to the larger debt.

2. Consolidate through Credit Counselling Agencies

Credit Counselling

If you are seriously struggling not only in terms of debt but also with how you manage your finances, a credit counsellor can help you. Credit counselling services offer not only financial education but also a debt management program.

With the Debt Management Program, your credit counsellor will negotiate with your creditors to restructure your debts for easier repayments at a lower interest rate.


  • You will get a lower interest rate or no interest rate at all to pay off your debt.
  • Pay off your debt in less than 3 years.
  • Repair your credit rating in 2 years after completing the program
  • You’ll be more financially savvy


  • Your creditors must agree to this before you can start with the program
  • Impacts your credit rating after 2 years of completing the program
  • Credit counselling agencies usually charge higher fees

3. Consolidate using a Line of Credit

Line of Credit

A personal line of credit is an alternative to a standard personal loan; a line of credit can give you access to an approved credit limit. It will allow you to withdraw the amount up to the credit limit anytime.

This type of debt consolidation program will give you access to the funds when needed or when you have debts needed to be settled soon. You will only incur interest towards your balance not the entire credit limit.


  • Generally lower interest rate compared to other options
  • Can give you freedom of access to funds anytime as long as the credit limit is not reached



  • Can turn into a trap if you don’t control your spending
  • The interest rate is higher compared to a credit card
  • Line of Credit interest rate varies with the Bank of Canada prime rate. This will go up if the prime rate goes up.

4. Consolidate your Credit Card using a Balance Transfer

Credit Card Balance Transfer

If your debt is composed mainly of credit cards, this is the best method to consolidate. This can be the best tool to repay existing credit card debt cheaper with typically a 0% promotional offer.

Most banks will offer a 0% interest rate as an introductory offer to entice cardholders to transfer their debt. A promotional offer will typically last from 6 months up to a maximum of 18 months. Consolidating your debt using this method will give you a breathing period to pay off as much debt as possible without any interest before it begins to accumulate again.


  • Get a promotional offer of 0% to pay off your credit cards without any interest
  • Will not require any collateral
  • Your credit score will not be affected negatively



  • You are not paying off your debt, you are just transferring your debt towards a new larger debt.
  • Once your 0% promotional offer expires, the interest rate will start to accumulate sometimes at a higher rate.

5. Government-Approved Debt Consolidation Program

If you owe more than $10,000 of debt towards Credit Cards, Personal Loans, Car Loans, Taxes, CERB, HST, 407, Household Bills, Payday Loans, and Student Loan this is your best option. With a government-approved debt consolidation program, your debt can be reduced by up to 50%-75%.

Debt Consolidation Program


  • Consolidate your debt into a single and more affordable monthly payment
  • Stop collection calls and wage garnishment
  • Stop Lawsuits
  • Secure your assets
  • Interests will stop



  • Consequences if you miss a payment
  • credit score rating of R7 will remain in your credit report in 3 years
  • The majority of creditors should agree to the program

We offer a free and confidential debt consultationno obligation, and no risks! We don’t charge upfront fees; you have the freedom to use our service or walk away with the knowledge about the benefits of this government-approved program. This can be done via phone call or zoom, leaving your home is not necessary.

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“Michelle Walters National Debt Relief Specialist helped me out tremendously. I have alot of debt and was stressed and was not sure about the company. Had alot of doubts, but Michelle was very responsive and answered all of my questions. She gave me reassurance and saved me alot. I really liked talking to her also because she could relate to me and my daily life. Very nice person to talk to. It was professional but also very friendly, helpful and put me at ease when talking. I am very thankful I signed up for this program. Thank you Michelle Walters 😊.”
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“I was helped by Caroline. She was very professional and understanding of our situation. Even though she was extremely busy she took the time to answer my questions and ensure I fully understood the program. What a weight off my shoulders, during COVID-19 when things have been so uncertain we have been able to relieve the stress and look forward to something exciting for the first time in a while.”
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Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

We will help you compare
the options and savings of all formal debt relief programs available to you.


No contact details required to find out if you qualify

Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.


This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

Why Trust National Debt Relief Services?

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Dawn Friesman
Dawn Friesman
I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.
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Chantal Rolfe
Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
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Jennifer Magill
Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼
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This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.
marian kamara
marian kamara
I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
Donna Hutchings
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Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank you
lynn collins
lynn collins
Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
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Billy Bong
I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.
Amber-lyn Miller
Amber-lyn Miller
Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

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