DEBT.CA IS CANADA'S TRUSTED SOURCE FOR DEBT RELIEF

At Debt.ca, we understand that people might find themselves surrounded by debt for many reasons including job loss, reduced income, medical expenses, or even the rising costs of raising a family. And when faced with a mountain of consumer debt, it is quite easy to become overwhelmed and to believe that you will never be able to pay off your creditors. The high-interest rates associated with consumer debts, late fees for those who are behind on their payments, and much more can seem to conspire against your attempts to become debt free. That is why we want to help all Canadians better understand their debt relief options and save the most money while they get out from under their unsecured loans. Are you struggling with debt or trying to figure out which Canadian debt relief program will help you get out of debt in the quickest amount of time and for the least amount of money? If so, let us show you that you can live a life free of bills and you do have more options than you probably realize. Simply put, if you are paying out more money every month than you have coming in, we can get you to a professional who can help. Fill out the form above to get started today!

Credit Counselling Help in Calgary

For the past several decades, consumer debt throughout Canada has been on the rise. Nowhere in the country is that more noticeable than in Alberta the number of residents filing for insolvencies has increased by 14.6% in 2019 compared to the number of filings in 2018. Bankruptcy protection in Alberta along with Consumer Proposals jumped in 2019 by 13% and 15% respectively over the 2018 levels. This is especially true in Calgary as the bankruptcy rates are following the provincial average. Finding credit help in Calgary is a priority for many individuals. Speak to one of our credit counsellors to discuss your financial situation, and learn about the debt solutions we offer and what solution would be best for you. If your overall debt levels increase month after month, then credit counselling in Calgary may be your best option. A quality Calgary credit counselling program can help you get out from under your debt and shore up your financial future at the same time.

Would a DMP work for residents of Calgary?

Residents of Calgary often confuse debt management plans with credit consolidation, because they have some similarities. For instance, both programs entail converting several debts into one monthly payment for ease of tracking. However, you still owe the original creditors when you enroll in a debt management plan (DMP). Conversely, you only owe one entity when you participate in a debt consolidation loan. If you’re considering a DMP in Calgary, you must have a steady source of income. While DMPs serve those with more than $10,000 of debt, homeowners may have to cash out equity instead. Likewise, individuals who have funds in their RRSP may have to use those funds to pay off the debt in lieu of enrolling in a debt management plan. Speak to a counsellor in Calgary to determine if a DMP is the right option for you.

Debt Consolidation Options in Calgary

As a citizen living in Calgary, it’s not uncommon to fall on hard times. If you’re experiencing difficulty keeping up with your financial obligations, debt consolidation may be your best option to get back on track. As such, consolidating your unsecured debts can make managing your payments easier. For example, multiple credit card debts and other liabilities combine into a single monthly payment. This makes it easier to prepare for and remember when just one due date is approaching every month. In addition, that single payment can be more manageable, with a lower interest rate than the existing rates on your different debts. While there are different ways to consolidate your debt, the most common way is through procuring a loan. However, your ability to qualify for a consolidation loan depends on your current credit score. Learn more about the debt consolidation process in Calgary here.

Options for a Consumer Proposal in Calgary

To file a consumer proposal, Calgary residents must go through a Licensed Insolvency Trustee in the area. Consumer proposals allow their participants to pay back less than what they owe to their creditors. Despite how good that sounds, it comes with some drawbacks and should be a last resort, much like bankruptcy. To qualify for a consumer proposal in Calgary, individuals must know to owe more than $250,000. Likewise, a married couple filing jointly cannot have more than $500,000 in debt. Paying less than what you owe at a lower interest rate comes with some heavy consequences. For one, your credit score drops to the absolute lowest it can go. In addition, the consumer proposal will remain on your credit report up to three years after you complete the five-year program. This can make acquiring credit or buying a home or auto more difficult. Speak to a member of our team who understands the laws regarding consumer proposals in Calgary today.

How Bankruptcy works in Calgary

Many people living in Calgary can find it difficult to keep up with the cost of living. If your debts have been piling up to an unmanageable amount, declaring bankruptcy might be the solution to your money troubles. However, one must never take bankruptcy lightly, as it is only a last resort. Speaking to a Licensed Insolvency Trustee can shed some light on your options and inform your next steps in finding a fitting solution. Remember, declaring bankruptcy gets most of your debts forgiven, however you forfeit most of your valuable assets in return. In addition, you will no longer experience wage garnishments. Conversely, you may not be able to obtain credit for seven years, and there is a limit on how much you can earn during bankruptcy. If you’re thinking about filing for bankruptcy in Calgary, call us to speak with a professional who can help.

You are not alone

In 2020, 1,999 Calgary residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $24,149 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Calgary, Alberta for people needing debt relief help

If you are struggling to make ends meet, apart from seeking professional credit help,  there are several national, state, local government agencies, along with non-profit organizations, you can turn to:

Calgary One Executive Place Service Canada Centre
Suite 103
1816 Crowchild Trail NW
Calgary, Alberta
Available Services
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA - Canadian Revenue Agency
220 4 Ave SE, Calgary, AB T2G 5E7
(800) 267-6999

Calgary Veterans Affairs
470-220 4th Avenue South East
Calgary, AB 2TG 4X3
1-866-522-2122

BBB Serving Southern Alberta and East Kootenay
1709 8 Ave NE #5,
Calgary, AB T2E 5W5
(403) 531-8784

Calgary Food Bank
5000 11 St SE
Calgary, AB T2H 2Y5
(403) 253-2055
https://www.calgaryfoodbank.com/

Alberta Health Services
(403) 266-HELP (4357)

Salvation Army
420 9 Ave SE
Calgary, AB T2G 0R9
(403) 410-1111

Debt Consolidation Loans
Loans Canada
Debt Relief Loans

Consumer Proposal
Consumer Proposal Loans

Credit Reports
Credit Verify

 

Additional Credit Counselling resources available in:

 

Helping residents of Calgary and the surrounding locations: Cochrane, Balzac, Airdrie, Chestermere, Academy, Okotoks, Bragg Creek, Ozada

Insolvency Stats for Calgary

Calgary, Alberta Quarterly Data from 2020

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 327 307 525
Consumer Proposals 816 693 1068
Calgary in Total 1,143 1000 1593

Annual Consumer Insolvency Rates in Alberta

(Per 1,000 Population Aged 18 Years and Older)

Alberta
2015 2016 2017 2018 2019
Insolvency 3.1 4.0 4.0 4.4 4.9
Bankruptcy 1.3 1.7 1.5 1.5 1.7
Proposal 1.7 2.4 2.5 2.9 3.3
Calgary
Insolvency 3.0 3.8 4.0 4.3 4.7
Bankruptcy 1.2 1.4 1.4 1.5 1.7
Proposal 1.8 2.5 2.6 2.8 3.0

Data from 2020 in Calgary, Alberta

2020 Data
Population 1,239,220
Average Credit Score 650
Median Income $102,060
Average Home Price $3570,084
Median Mortgage $260,000
Insolvency
Total Insolvencies: 4,726 *(- 29%)
Av Assets / Insolvency $173,746 (+ $4,657)
Av Liabilities / Insolvency $227,256 (+ $12,646)
Debt Ratio: 131% *(+4%)
Bankruptcy
Bankruptcies 1,367 *( - 59%)
Av Assets $133,646 ( - $3,017)
Av Liabilities $312, 246 (+ $52,020)
Debt Ratio: 234% *(+44%)
Consumer Proposals
Consumer Proposals 3,359 *(- 17%)
Av Assets $190,065 ( + $3,035)
Av Liabilities $192,668 (+ $3,297)
Debt Ratio: 101% *( - )

Source: https://www.ic.gc.ca/
* () change from 2019

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About Calgary

About Calgary

Situated at the foot of the infamous Rocky Mountains in Canada's province of Alberta, Calgary is a picturesque metropolis characterized by a stunning backdrop of mountainous ranges. More specifically, the city is located at the junction of the Bow and Elbow Rivers and boasts an unspoiled natural landscape.

A Brief History

Thanks to Calgary’s natural setting, traders, farmers, and ranchers flocked to this particular part of the country and settled in these parts in the 1800s. In 1875, the government in Ottawa sent a group from the Northwest Mounted Police - which would later become the Royal Canadian Mounted Police (RCMP) - to bring law to the area. The police force erected a fort named 'Fort Calgary' after Police Commissioner James Macleod’s ancestral home in Scotland, and Calgary officially became a city in 1894.

The Economy

Calgary is the major urban hub for Alberta's southern half. It has a diverse economy comprised of financial services, energy, transportation, technology, manufacturing, tourism, retail, health, aerospace, and film and television sectors. One of the city's most significant sectors is the oil and gas industry, which is one of the largest contributors to Calgary's GDP.
Corporate head offices are conglomerated in Calgary at the Calgary Marketing Association (CMA), which is home to the nation's second-highest number of corporate head offices. Some of the most notable corporations that call Calgary home include Safeway, Suncor Energy, Flint Energy Services, Shaw Communications, Canadian Pacific Railway (CPR), and WestJet.

A Cultural Hub

Calgary is easily one of the cultural centres of Canada thanks to the likes of the Alberta Ballet Company, the Calgary Opera, the Calgary Philharmonic Orchestra, the Heritage Park Historical Village, and the numerous museums located throughout the city.

But perhaps what Calgary is best known for is the Calgary Stampede, which has been taking place every summer since 1912. The 10-day rodeo and exhibition - which has been dubbed the “The Greatest Outdoor Show on Earth” - is one of the largest festivals in the country, attracting over a million people each year.

Recent Developments in Calgary

Lately, specific issues have plagued Calgary, as well as Alberta and Saskatchewan. Some of the problems include ongoing environmental criticism, delays in the construction of oil pipelines, and the 'Wexit' separatist sentiment that exploded after the last federal election.

These issues put undue pressure on Alberta's economy and reputation. More specifically, the rise of Wexit cost Calgary a chance to attract a big technology head office. The inability to build pipelines to transport natural gas and oil to market is also weighing on the city.

Nonetheless, Calgary is still a highly livable city. According to Economist Intelligence Unit, Calgary ranked #5 Most Livable City in the World in 2017

About Calgary

Situated at the foot of the infamous Rocky Mountains in Canada's province of Alberta, Calgary is a picturesque metropolis characterized by a stunning backdrop of mountainous ranges. More specifically, the city is located at the junction of the Bow and Elbow Rivers and boasts an unspoiled natural landscape.

A Brief History

Thanks to Calgary’s natural setting, traders, farmers, and ranchers flocked to this particular part of the country and settled in these parts in the 1800s. In 1875, the government in Ottawa sent a group from the Northwest Mounted Police - which would later become the Royal Canadian Mounted Police (RCMP) - to bring law to the area. The police force erected a fort named 'Fort Calgary' after Police Commissioner James Macleod’s ancestral home in Scotland, and Calgary officially became a city in 1894.

The Economy

Calgary is the major urban hub for Alberta's southern half. It has a diverse economy comprised of financial services, energy, transportation, technology, manufacturing, tourism, retail, health, aerospace, and film and television sectors. One of the city's most significant sectors is the oil and gas industry, which is one of the largest contributors to Calgary's GDP.
Corporate head offices are conglomerated in Calgary at the Calgary Marketing Association (CMA), which is home to the nation's second-highest number of corporate head offices. Some of the most notable corporations that call Calgary home include Safeway, Suncor Energy, Flint Energy Services, Shaw Communications, Canadian Pacific Railway (CPR), and WestJet.

A Cultural Hub

Calgary is easily one of the cultural centres of Canada thanks to the likes of the Alberta Ballet Company, the Calgary Opera, the Calgary Philharmonic Orchestra, the Heritage Park Historical Village, and the numerous museums located throughout the city.

But perhaps what Calgary is best known for is the Calgary Stampede, which has been taking place every summer since 1912. The 10-day rodeo and exhibition - which has been dubbed the “The Greatest Outdoor Show on Earth” - is one of the largest festivals in the country, attracting over a million people each year.

Recent Developments in Calgary

Lately, specific issues have plagued Calgary, as well as Alberta and Saskatchewan. Some of the problems include ongoing environmental criticism, delays in the construction of oil pipelines, and the 'Wexit' separatist sentiment that exploded after the last federal election.

These issues put undue pressure on Alberta's economy and reputation. More specifically, the rise of Wexit cost Calgary a chance to attract a big technology head office. The inability to build pipelines to transport natural gas and oil to market is also weighing on the city.

Nonetheless, Calgary is still a highly livable city. According to Economist Intelligence Unit, Calgary ranked #5 Most Livable City in the World in 2017