The agency helping you will distribute your money to your creditors,
ideally at lower interest rates.
Refinancing means taking out another loan to replace your old loan,
ideally at a lower interest rate.
It allows you to focus on making one monthly payment,
ideally at a lower interest rate.
Not exact matches
Ideally, the one account would have a
lower interest rate, or
at least could save you money on fees.
Instead, a private lender will look
at your track record of handling debt and other financial information to give you a new (
ideally lower)
interest rate on your consolidation loan.
Going forward, try to assess if you're better off covering extraordinary expenses with RRSP withdrawals or even a line of credit (
ideally secured by your home
at a
low interest rate).