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What Are The Best Canada Debt Consolidation Programs In 2023

In Canada, one of the options available to provide debt relief is debt consolidation

Debt consolidation simplifies the process of paying off multiple sources of debt by consolidating them into one monthly payment. There are several debt consolidation programs available in Canada that can help people pay their debts.

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Debt Consolidation Program Canada

1. Debt consolidation loan

This is a special type of loan that you can take out to pay off your debts. Instead of making several monthly payments, you just need to make one monthly payment – that of your debt consolidation loan.

Advantages of a debt consolidation loan

Debt consolidation loans have lower monthly interest rates than other types of loans offered in Canada, so the end result is the amount you need to pay is reduced.

Taking out a debt consolidation loan doesn’t really affect your credit score – as long as you make your monthly payments on time.


Most banks and financial institutions require collateral. They will also look at your credit score and, if you have a bad one they will either deny your loan application or give your one with a high interest rate.

2. Home equity loan

You can either refinance your home or take out another mortgage to pay debts. Home equity is the amount that is left when you subtract your home mortgage from how much the house is worth.

For example, if your home is worth $500,000 and your mortgage is $350,000, then your equity is $150,000. 

You can talk to your bank about taking a second mortgage with your equity and use it to pay your debt. You get a lump sum of money that you can use to pay off your debts and afterwards, you just need to make one monthly payment to your home equity loan.   

Advantages of a home equity loan

It is a secured loan as you are using your home as collateral. Secured loans have lower interest rates than other types of loans. 

As long as you make your monthly payments, a home equity loan should not affect your credit score.


If you don’t have much equity on your home, this type of loan will not make much of a dent on your consolidated debt.

Applying for a second mortgage will require you to pay fees to your bank. 

3. Line of credit

You can get a line of credit from your bank to pay off consolidated debt. With a line of credit, your bank card can be used like a credit card. So, even if you don’t have that money in your account, you can use it to pay your debts.

There will be a predetermined limit to what you can “spend” with a line of credit. For example, $50,000 a month. 

Advantages of a line of credit

Lines of credit have a lower interest rate than loans or even credit cards. They are priced according to the Prime interest rate, which is set by the Bank of Canada. The Prime interest rate has been low these past years, so the interest on lines of credit can be as low as 1 to 8%.


There is also a monthly fee that you need to pay with a line of credit so if that is higher than the interest rates on your other loans, it might not be worth it.

4. Low-interest credit card

You can consolidate your debt by paying them off using a low-interest credit card rather than just paying off the monthly credit card bill.

Advantages of a low-interest credit card

It’s all in a name, these credit cards offer low interest rates. So there is a chance that just paying off this credit card will be cheaper than dealing with multiple creditors with multiple different interest rates.


You need to have a good credit score. There are also other fees that could raise your debt, even if your interest rate is low.

5. Debt Management Program

Working with a credit counseling agency, you can negotiate with your creditors for more favorable repayment rates. Credit counselors can often get your creditors to agree to lower interest rates or to drop late fees and penalties. You then make monthly payments to your agency which they will use to pay off your debt.

Advantages of a debt management program

Instead of multiple loan payments with different interest rates, you make one monthly payment to your agency. This makes it easier to remember and budget for.


It will affect your credit score. Even after you’ve repaid everything, the fact that you were in a debt management program will show up for six more years.

Your credit counseling agency will charge service fees.

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Jennifer Chenier
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I was lost ... single mom... off due to Covid for 3 months .. did what it took to pay bills and look after my kids... and left with nothing but a tonne of debt I could not keep up with 😢. And then ....I met Connie.. Connie gave me my life back. The entire experience was like talking to my mother. She was full of compassion and knowledge and took me under her wing for this entire process. She turned tears into smiles and hope . She reassured me.. and made me feel like it was Going to be ok. I can’t thank her and the team (Paul) enough for helping me through this . I highly recommend National Debt Services to anyone looking for help with their debt . Start living again ❤️. Thanks Connie Jen
josh churchley
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“I had some issues with the process and was unhappy. Carlo the president of the company called me personally and rectified the issue with high regard. He takes great responsibility and for that I have turned a back experience into a great one Thank you carlo and national debt”

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.

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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.
Chantal Rolfe
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😃
Jennifer Magill
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 🙏🏼
Dave Tonnos
Dave Tonnos
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
Donna Hutchings
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
Billy Bong
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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