High debt levels among Canadians are a growing concern, leading to financial stress and mental health issues. Common responses involve financial literacy, debt relief information, and debt consolidation. This source explains debt consolidation as combining multiple debts into a single loan with a potentially lower interest rate, outlining its benefits and risks, and advising consumers to carefully consider their options and long-term financial goals. It also distinguishes consolidation loans from other debt relief services like debt settlement and bankruptcy.