Bad Credit Card Debt Consolidation Financial Financial Financial Loans: Guidelines & Tips Understanding a debt consolidating loan in Canada? a debt consolidating loan is just a loan that takes care of multiple loans that are high-interest auto loans, charge card balances, or credit lines all at one time. As an example, you combine everything you owe into one loan if you have four different debts to pay (two credit cards, one auto loan, and one payday loan) with various payment due dates and accumulating interest on all loans, a debt consolidation loan helps. Occasionally, debt consolidating financial financial loans tend to be unsecured unsecured loans that do not require any security. In other cases, they’ve been guaranteed loans that are personal require security (for example. vehicle, residence, etc.) How come individuals get debt consolidating financial financial loans? The major explanation individuals have a debt consolidating loan would be to secure a diminished rate of interest to their financial obligation load and also to streamline their particular financial obligation payment schedule.