§ Calculator · Debt
Personal debt consolidator
What this is
Rolling high-rate cards into a single lower-rate loan.
A consolidation loan turns multiple 19-29% card balances into one loan around 8-12%. Pros: lower monthly minimum, predictable end date. Cons: only works if you actually close the cards (otherwise you just pile new balances back on).
Total balance
$10,500
Sum of mins
$315
No consol · months
30
No consol · interest
$3,078
Consol payment
$218
Consol interest
$2,575
WARNING: Consolidation is a math tool, not a behaviour fix. If the cards stay open and you keep using them, you'll end up with the loan AND new card balances. Close the cards.
Disclaimer
Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.