Part of Debt Solutions
Debt consolidation combines existing balances into one borrowing arrangement. It can simplify payments, but savings depend on the new rate, fees and repayment period. List each debt and compare total repayment before accepting an offer. Consolidation restructures debt, it does not erase it.
Compare the 2 listed products below. Open a product for its terms and source links. Missing terms are not confirmed.
Scotiabank
Structured borrowing for larger purchases or consolidating higher-interest balances. Fixed or variable interest and penalty-free early repayment are listed.
TD Canada Trust
Borrowing for large purchases or consolidating debt, with fixed or variable interest options. Compare total repayment and fees with the debts being replaced.
Compare full repayment, not only the monthly amount. A longer term can cost more overall even if each payment is smaller.
A higher rate or new spending on cleared accounts can leave you owing more. Check collateral requirements and whether payments fit a realistic budget.
No. Extending repayment can increase total interest.
Compare the full amount owed, interest, fees and expected timeline.
Ask how each option affects credit reporting, assets and creditors.
Check credentials and understand whether you are speaking to a lender, counsellor or licensed insolvency trustee.
Consumer proposals and bankruptcies require a licensed insolvency trustee. Seek qualified advice before deciding.
Confirm current fees, rates and eligibility directly with the provider. Product terms can change over time. A listed product is not a recommendation or a promise of approval.
Availability must be confirmed for your province or territory. If product-specific location or eligibility information is missing, it is not confirmed.
For further guidance, visit Office of the Superintendent of Bankruptcy.
This is general information, not personalized advice. Read our editorial policy and affiliate disclosure.
Finvilo