How to consolidate debt in Canada + MORE Apr 4th

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Best credit cards in Canada for 2023
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With the cost of living rising in Canada, we’re seeing more people relying on credit cards to make ends meet. At the end of 2022, Canadians topped $100 billion in credit card debt for the first time—a year-over-year increase of 15.3%, according to Equifax. Credit card debt is expensive, with annual interest rates around 20% to 24%, and it can grow quickly if you` carry a balance. In this guide, we’ll share six debt consolidation strategies and the pros and cons to consider.

What is debt consolidation?

Managing multiple types of debt can be overwhelming and stressful. Debt consolidation can help you simplify it by combining two or more debts into a single monthly payment.

You have many options for consolidating debt in Canada, which we’ll explore below. The best ones for you will depend on the type of debt you have: secured or unsecured.

Secured debt: This is when you borrow money against an asset you have, such as a home or a vehicle. The asset is the collateral for the loan, meaning that if you default on your debt payments, the lender has a legal claim on the asset…

Spend

Best credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.

Let’s get started*

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