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Payday loans in Ontario can easily lead to overwhelming debt problems with excessive interest rates which is why many look for payday debt consolidation options. In Ontario, payday loans are usually part of the total outstanding debt balance of three in 10 people who file for bankruptcy or a consumer proposal carry. A large number of Canadians, at least 73%, owe more than one payday loan. On average, insolvent payday loan borrowers owe $3,464 on more than three loans, on top of other unsecured debts. In fact, insolvent debtors are using payday advances to keep up with existing debt repayment.