Cathy MerrittIt’s stressful to drown in debt—trust me, I would know. In just a span of one year, I found myself falling down that rabbit hole, all thanks to multiple medical emergencies, business bankruptcy, and mounting essential bills.
At some point, my debt had gotten so bad that I had to see a psychotherapist. In the end, I decided to bite the bullet and find a debt consolidation company. Now, I feel like a boulder has been lifted off my shoulders!
Here are the best debt consolidation companies in Toronto if you also need financial relief.
How much does debt consolidation cost in Toronto?
It’s tricky to determine how much debt consolidation costs in Toronto because it greatly depends on your personal debt.
Most companies let you get a consolidation loan between C$5,000 and C$50,000, but this is only applicable for personal loans or lines of credit. For home-related loans, you can borrow up to 80% of your home value.
In terms of repayment, some companies allow you to pay back only what you’ve used, but others will charge an interest rate. The interest is always low (usually less than 5%), and the payment period is flexible.
How We Chose
Credit Counselling Society Toronto
Address: 1235 Bay St., Suite 719
Operating Hours:
- Monday to Thursday—8:30 am to 11 pm
- Friday—8:30 am to 7:30 pm
- Saturday—10:30 am to 6 pm
Contact Number: +16477760485
Credit Counselling Society Toronto has been in operation for about three decades now, so I’m not surprised that it comes highly recommended.
The first thing I like about this debt consolidation company is the fact that they’re not-for-profit. They get their funding from donations from the credit-granting community, not from you.
This means that they offer their credit counselling services, financial workshops, and learning hubs all for free! This is such a helpful feature for people who feel lost and overwhelmed by financial matters.
The team here is also knowledgeable about the different ways you can settle your debt. You can ask them about the pros and cons of getting a debt consolidation loan or using home equity to consolidate your debts, and they’ll happily deliver.
Unfortunately, this company doesn’t loan money, which is a bummer. But they have a debt management program where they’ll negotiate with your creditors and let you make a monthly payment that fits your financial capacity.
You just have to give this payment to them, and they’ll disburse it to your creditors on your behalf, making the process easier for you.
Customer Reviews
Patient and knowledgeable agent
“I wish there was a 10-star option. I had the privilege of being in contact with a wonderful agent named Ali. She was very patient, knowledgeable, and provided top quality customer service. It has been a while since I’ve been impressed with service like this. Intentional, honest, and caring about your individual needs. The genuine care she provided, could be received clearly through the phone, especially as a nonprofit organisation. I would highly recommend calling them!”
- LaLa London, Google Review
Excellent help
“I received an excellent help. Thank you for your kindness and patience. You listened carefully to my problem and provided excellent assistance in finding a solution.”
- Alexandra, Google Review
Credit720
Address: Yogen Früz, 6464 Yonge St, Unit 209, Centerpoint Mall
Operating Hours:
- Monday—11 am to 7 pm
- Tuesday—10 am to 6:30 pm
- Wednesday to Saturday—10 am to 6 pm
Contact Number: +16477750708
Credit720 is a popular debt consolidation company in Canada, with multiple locations in the country. I’m glad that there’s a location in Toronto.
Clients love that you can get a free initial consultation. This is your opportunity to share your situation, and a representative can provide some advice. If you don’t want to travel for this consultation, you can arrange an online appointment instead.
This company acknowledges that every client is different, which is why their debt management plan is customized based on your needs. The interest rates are also low; if you have a good credit score, it’s possible you can get 0% interest!
It also helps that the team here is always easy to deal with. Many clients shared that their agent is approachable and friendly, so asking for any sort of assistance is never an issue.
I like that this company is open nearly every day of the week, but Saturdays are reserved for appointments only. So, keep that in mind if you’re planning your future visits.
Customer Reviews
Accommodating agents
“Everyone who has debt should go here Mica and Mikaela are very accommodating persons and they can help you guys to be debt free.”
- Sammia Macayan, Google Review
Efficient service
“I had a really positive experience using their services. They did a good job helping me manage and consolidate my debts efficiently. Gurpriya was knowledgeable and very sweet and the process was smooth. I appreciate their professional service.”
- Hemant Singh Choudhry, Google Review
Consolidated Credit Counselling Services of Canada, Inc.
Address: 505 Consumers Rd, Suite 400, North York
Operating Hours:
- Monday to Friday—8 am to 8 pm
- Saturday—9 am to 2 pm
Contact Number: +18006564049
Consolidated Credit Counselling Services of Canada, Inc. has about two decades of experience helping Canadians with their debt problems. The best part is that they offer various solutions—from debt management and consolidation to bankruptcy!
Trying to get out of debt is a struggle, which is why people appreciate it that this company offers a free initial consultation. They also have several resources available for you to download and peruse so that you can educate yourself at your own pace.
And if you just want an estimate for how much you should pay if you go the debt consolidation route, you can get a free quote via their website. This one, just like the initial consultation, is free!
Clients told me that they never felt like they were being judged, and the agents talked in an understanding tone. Because of this, it’s easy to feel at ease here.
That said, I have heard some complaints about their communication, especially through email and text messages. A few clients said that there were times when they didn’t receive replies to their emails and texts.
Customer Reviews
Clear communication and strategic approach
“I would like to sincerely thank Mr. Leslie Gaber for his exceptional professionalism and efficiency in helping me through my debt consolidation process. His expertise, clear communication, and strategic approach provided me with solid and effective solutions. He made a complex situation much easier to manage, and I am extremely satisfied with the results. I highly recommend his services.”
- Myriam Mejri, Google Review
Outstanding agents
“Bilel Bchouaibi was outstanding. He was kind, knowledgeable, and took the time to explain every step clearly. He made a stressful situation much easier to understand and handled everything with care and professionalism. Thank you for the excellent service.”
- Sagda Elnihum, Google Review
Debt Free Credit Solution
Address: 10 Milner Business Ct, Suite 314, Scarborough
Operating Hours:
- Monday, Wednesday, and Friday—9 am to 5 pm
- Tuesday—9 am to 7 pm
- Thursday—9 am to 8 pm
- Saturday—11 am to 1 pm
Contact Number: +14168347227
Compared to the other companies on this list, Debt Free Credit Solution may seem like the new kid in town. After all, they only have about eight years of experience. But with the way their clients vouch for them, you can tell they’re the real deal.
This company is best known for their bankruptcy services, but they also offer other solutions, such as credit counselling, consumer proposal, and debt consolidation. If you don’t know which one is best-suited for you, you can schedule a free initial appointment!
The company’s head office is in Scarborough, but they have locations in other parts of the GTA and beyond, including cities like Mississauga and Markham. Unfortunately, these locations are appointment-only, which is a bit of a letdown.
Clients love working with the agents here because their expertise clearly shines through. The most common praise I hear is that the agents always answer the questions thoroughly and use layman’s terms to ensure the clients understand.
Clients also appreciate how the staff treats them with so much respect and understanding. This motivates them to follow through with the debt management plan and achieve their debt-free goal.
Customer Reviews
Professional and caring approach
“I had an excellent experience with Debt Free Credit Solution. Keeran explained everything clearly, walked me through the process patiently, and helped me feel confident about getting back on track financially. I appreciated his professional yet caring approach and how responsive he was to my questions. Thanks to Keethan and the team. I would happily recommend them to anyone needing debt support.”
- Kumaran Jeepan, Google Review
Accessible and communicative agents
“I had the pleasure of working with Mr Keeran. He helped me resolve several concerns very quickly and created a plan that ensured I did not have any future issues. I recommend Mr Keeran to many others who are seeking advice and assistance with any financial concerns they are experiencing. Thank you, Mr Keeran, for continuing to provide advice and always remaining accessible to ask questions and seek clarification when I need help.”
- Krishan Maheswaran, Google Review
Xdebts Debt Solutions
Address: 3768 Bathurst St, Unit #206, North York
Operating Hours:
- Monday to Friday—9 am to 6 pm
- Saturday—9 am to 5 pm
Contact Number: +16477071494
What clients like most about Xdebts is how accessible they are. First, they’re open almost every day, and if your situation is truly urgent, they can arrange a special appointment on Sunday. Secondly, you can schedule an initial consultation—for free!
The only downside is that this free consultation is only through the phone. If you prefer a face-to-face interaction for your first appointment, you’re out of luck. But at least you can have the call anytime from the comfort of your home.
It’s also easy to book their services here. You just have to fill out their application form, which is incredibly thorough. Once your application is approved, a team will provide a debt consolidation plan for you. Just pay the monthly fee, and they’ll deal with the rest!
And the best part is that their interest rate is 0%! So, you’ll be paying the lowest monthly fee possible.
I have to commend the staff for being kind and accommodating as well. One client shared that there were times when heavy traffic stopped them from arriving on time or from arriving at all, and their agent always strived to offer alternative solutions for them.
Customer Reviews
Smooth process from start to finish
“When I first reached out for help with my debt through a consumer proposal, I was filled with shame and embarrassment. The team immediately changed that. From the very first conversation, they made me feel completely secure and validated my struggles in handling my finances. The staff took the time to explain every single detail of the consumer proposal process in plain English. I never felt rushed or confused. It was a very fast transaction process, and the experience was incredibly smooth from start to finish. I can confidently say that they genuinely helped me through one of the most stressful periods of my life. If you are struggling with debt, please do not hesitate—reach out to them. The relief and clarity they provide are invaluable. Highly recommend their professional and supportive services!”
- Rowen, Google Review
Knowledgeable and supportive agents
“I was really anxious at first, but knew I just needed to do it — and I’m so glad I went with Xdebts Debt Solutions 🙌. Barak and the team made the whole process stress-free, smooth, and easy to navigate 👍. They were very knowledgeable, supportive, and built trust right away. Highly recommend them to anyone needing help with their debts.”
- Hikari Ka, Google Review
