Debt Relief Options
At Debt.ca, we understand that people might find themselves surrounded with 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 your 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!
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. Edmonton has been especially hard hit, seeing double digit jumps in Insolvencies, Consumer Proposals and bankruptcy protection compared to 2018.
If you live in Edmonton and cannot pay your bills on time or are seeing your overall debt levels increase month after month, then credit counselling may be the answer you are looking for. A quality Edmonton credit counselling program can help you get out from under your debt and shore up your financial future at the same time.
Residents of Edmonton 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 Edmonton, 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 debt in lieu of enrolling in a debt management plan. Speak to a counsellor in Edmonton to determine if a DMP is the right option for you.
As a citizen living in Edmonton, 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 unsecure 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 Edmonton here.
To file a consumer proposal, Edmonton 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 Edmonton, individuals must know 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 Edmonton today.
Many people living in Edmonton 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 the bankruptcy. If you’re thinking about filing for bankruptcy in Edmonton, call us to speak with a professional who can help.
In 2020, 1989 Edmonton residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $25,653 but now have the help they need to get their finances, and their life, back on track.
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 too:
Edmonton Canada Place Service Canada Centre
9700 Jasper Avenue
- Unemployment Assistance
- Child Benefits
- Senior Assistance
CRA - Canadian Revenue Agency
9700 Jasper Ave,
Edmonton, AB T5J 4C3,
Edmonton Veterans Affairs
9700 Jasper Avenue
Better Business Bureau Of Central & Northern Alberta
16102 100 Ave NW
Edmonton, AB T5P 0L3
Edmonton Food Bank
11508 120 St. NW,
Edmonton AB, T5G 2Y2
Alberta Mental Health Patient Advocate Office
10055 106 St NW
Edmonton, AB T5J 2Y2
9611 102 Ave
Edmonton, Alberta T5H 0E5
Debt Consolidation Loans
Debt Relief Loans
Consumer Proposal Loans
Additional City Resources in Alberta
Helping residents of Edmonton and the surrounding locations including: Leduc, Nisku, Beaumont, St. Albert, Spruce Grove, Story Plain, Sherwood Park, Fort Saskatchewan, Acheson, Camrose, Llyodminster
|Q4 2020||Q3 2020||Q4 2019|
|Edmonton in Total||1140||1012||1440|
(Per 1,000 Population Aged 18 Years and Older)
|Average Credit Score||625|
|Average Home Price||$300,011|
|Total Insolvencies:||5272 *(+13.1%)|
|Av Assets / Insolvency||$153,163|
|Av Liabilities / Insolvency||$188,371|
|Debt Ratio:||122% *(-2%)|
|Debt Ratio:||167% *(-7%)|
|Consumer Proposals||3599 *(+13%)|
|Debt Ratio:||109% *(+2%)|
* % change from 2018
The city of Edmonton began as a small trading post in 1795 and later became the capital of Alberta in 1905. Edmonton was named after a small town in England that resides just north of London. It began to grow as a city when it was named the capital and experienced a massive growth spurt when oil was found nearby. Not only did the oil help the city grow, it also attracted many new residents, resulting in a population spike.
Over the last 100 years, Edmonton has incorporated various institutions, landmarks and foundations, including:
Edmonton’s diverse offerings attract tourists and new residents from all over the world. Known as one of the largest shopping centres in the world, the West Edmonton Mall was the largest mall in the world until the Dubai Mall surpassed it in recent years.
Today, Edmonton is known to be one of Canada’s largest metropolitan centres. They are heavily involved in the oil and natural gas, education, transportation, metal and machinery manufacturing, and environmental engineering industries. Tourism and retail are other major industries.
Recently, Edmonton has performed well economically, contributing to Canada’s overall success as a nation. The unemployment rate in Edmonton is the lowest in Alberta, and the city has produced many new jobs for Canadians. Edmonton works with local, Asian and U.S. markets, which contributes to Alberta’s GDP growth.
Many believe Edmonton is subject to the ebb and flow of the oil industry, but this is not true. Because Edmonton is involved in an array of large industries, the oil industry cycles do not have an immense impact on Edmonton’s economy.
This is important because the city is not impacted by a recession every few years when the oil industry suffers. Edmonton’s other involvements make up for the erratic oil industry behavior, rise and fall which has proven to be beneficial to Edmonton’s economy.