The majority of Canadians face debt on a daily basis. Built up debt becomes a cycle and makes it difficult to meet your financial goals. Although debt is common, refinancing to consolidate debt will alleviate the situation, put you in a better financial standing, and break the downhill cycle. By refinancing your mortgage, you can build all debt into one monthly payment. While the debt load remains the same, you are paying down all debt at once, solving the problem and untying more cash flow.