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This means that we cannot count on them to stay this low forever.
The average five year mortgage rate over the past 60 years has been 8.95%.
So talk to your bank or credit union if you would like to learn more about this.
For the past decade, banks have typically charged interest rates on debt consolidation loans of around 7% - 12%.
Finance companies tend to charge anywhere from 14% for secured loans to over 30% for unsecured loans.
If your minimum monthly debt payments are too high--even after a consolidation loan is factored into the situation, you have bad credit, or you can't offer some reasonable security for a loan, then a consolidation loan probably won't work.
If this is the situation that you are in, then check out some of the other options below to see if something else might work.
In Canada there are now eight commonly used ways to consolidate debt.