Does debt consolidation actually save money?

Run the math in this order:

1. Add up each balance, rate and minimum payment.
2. Compute the blended APR you pay today.
3. Compare it to the consolidation offer, including any origination fee, and to the same payment amount applied to the highest-rate balance first (the avalanche method).

Consolidation tools in Canada: an unsecured consolidation loan (typically 9%–20%), a HELOC or refinance secured by home equity (much cheaper, but your house is now collateral), or a balance transfer promo card. Refinancing to a longer amortization can lower the payment while increasing lifetime interest — check the total cost, not the monthly figure. If minimum payments already exceed what you can pay, a licensed insolvency trustee is the honest next call.