Debt Consolidation: Overview
Here are the basics of how to consolidate debt in Canada.
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What Is Debt Consolidation in Canada?
Debt consolidation means combining multiple debts — like credit cards, personal loans, or payday loans — into a single monthly payment.
This can reduce your interest rates and help you feel more in control. Whether through a debt consolidation loan, a consumer proposal, or a debt management plan, we’ll help you explore the best way to consolidate debt in Canada that fits your unique needs. At Spergel, our Licensed Insolvency Trustees listen first, then guide you forward — no judgment, just solutions.
Your Path to Simpler Payments Begins Here
Use our Debt Calculator to estimate how much you can save by consolidating your debt. It’s quick and easy.
Is Debt Consolidation Right for You?
Before you make any decisions, take a moment to explore the pros and cons so you can move forward with confidence.
Every financial situation is unique — and so are the solutions. While debt consolidation can be a powerful tool to simplify your payments and reduce stress, it’s important to understand both the benefits and the potential drawbacks. That’s why we’ve put together a clear, honest breakdown to help you weigh your options.
Overview
What Debts Can Be Included in Debt Consolidation?
Most unsecured debts are eligible for consolidation, including:
- Credit card debt
- Personal loans
- Payday loans
- Medical bills
- Unsecured lines of credit
- Outstanding utility or phone bills
- CRA / Tax debts
Debt consolidation helps you roll these into one lower, easier monthly payment — giving you space to breathe.
eligibility criteria
Who Is Eligible for Debt Consolidation in Canada?
You may qualify if:
- You have a regular income
- Your unsecured debts are under $250,000
- You’re struggling to manage multiple payments
- You’re ready to take back control
Everyone’s situation is different. That’s why we offer a free consultation to explore if this is your best option; if it is, we take you through the application process step by step.
next step
How Do I Get Started?
The first and most important step is to speak with a Licensed Insolvency Trustee.
(LITs) Licensed Insolvency Trustees are the only professionals in Canada legally authorized to administer debt relief solutions like consumer proposals, and they can help you assess the best path — including debt consolidation options. At Spergel, our experienced Licensed Insolvency Trustees offer:
- Free consultations
- Support tailored to your unique situation
- A clear explanation of all your debt consolidation options
- Help choosing between loans, proposals, and management plans
- A simple, no-pressure environment to ask questions
Everyone’s Situation is Different. Let’s Talk About You.
Book a free call with Spergel today, and we’ll create a personalized plan to help you take back control.
Real Canadians. Real Success — Like Chelsey
“I am immensely grateful to the Spergel team for guiding me through a challenging financial crisis with empathy and expertise. From negotiating with my creditors to providing emotional support and financial education, Spergel transformed my situation from imminent bankruptcy to renewed stability. Spergel is not just a service; they are partners committed to empowering individuals through complex financial journeys, and boy, was mine complex.”
– Chelsey B., British Columbia
Chelsey's Story is just one of many
It shows that once you face your debt and get the right help, life can get better – quickly. Discover more Success Stories of Canadians we’ve helped, or reach out to us.
How We’ve Helped Others
Every debt story is different — and so is every solution. Here’s what real clients had to say about working with Spergel.
Let’s Explore What’s Possible — Together
You’ve carried this burden long enough. It’s time to talk through your options with someone who truly understands.
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