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. Grand Prairie has been especially hard hit, seeing double digit jumps in Insolvencies, Consumer Proposals and bankruptcy protection compared to 2018.
If you live in Grand Prairie 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 Grand Prairie 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 Grand Prairie, 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 Grand Prairie, 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 Grand Prairie here.
To file a consumer proposal, Grand Prairie 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 Grand Prairie, 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 Grand Prairie 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 Grand Prairie, call us to speak with a professional who can help.
In 2020, 183 Grand Prairie residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $31,102 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
11601 101 Ave #101,
Grande Prairie, AB T8V 3X9
- Unemployment Assistance
- Child Benefits
- Senior Assistance
CRA - Canadian Revenue Agency
11601 101 Ave #101,
Grande Prairie, AB T8V 3X9
Edmonton Veterans Affairs
12325 97 Street,
Veterans Service Centre
Mountain Plains Community Services Society Of The North
10109 97 Ave #205,
Grande Prairie, AB T8V 0N5
The John Howard Society of Grande Prairie
10135 101 Ave,
Grande Prairie, AB T8V 0Y5
Alberta Mental Health Patient Advocate Office
10055 106 St NW
Edmonton, AB T5J 2Y2
The Salvation Army Community & Family Services
9615 102 St
Grande Prairie, AB T8V 2T8
Debt Consolidation Loans
Debt Relief Loans
Consumer Proposal Loans
Additional City Resources in Alberta
Helping residents of Grand Prairie and the surrounding locations including: Debolt, Bezanson, Clairmont, Westlake, Sexsmith, Webster, Valhalla Centre, La Glace, Dimsdale, Beaverlodge, Hythe, Grovedale, Rycroft, High Prairie, Peace River, Grimshaw, Dawson Creek BC
|Q4 2020||Q3 2020||Q4 2019|
(Per 1,000 Population Aged 18 Years and Older)
* Banff – Jasper – Rocky Mountain House and Athabasca – Grande Prairie – Peace River
|Average Credit Score||625|
|Average Home Price||$300,011|
|Total Insolvencies:||676 (- 27%)|
|Av Assets / Insolvency||$158,523 (+ $17,661)|
|Av Liabilities / Insolvency||$185,712 (+ $8,386)|
|Debt Ratio:||117% (- 9%)|
|Bankruptcies||202 (- 58%)|
|Av Assets||$140,800 (+ $27,489)|
|Av Liabilities||$208,626 (+ $19,062)|
|Debt Ratio:||148% (-19%)|
|Consumer Proposals||474 (- 14%)|
|Av Assets||$166,076 (+ $8,968)|
|Av Liabilities||$175,947 (+ $5,837)|
|Debt Ratio:||106% (- 2%)|
*() change from 2019
Incorporated as a city in 1958, Grande Prairie’s name was inspired by the immense prairie surrounding it, as well as the way it was depicted by 19th century fur traders. A trading post was established in 1881, but the settlement’s real development began with the arrival of the Northern Alberta Railway, in 1916. With a population of 69,088 (2018), the greatest portion is between the ages of 30 and 34; this also includes over 80 unique ethnic and cultural communities!
Frequently referred to as "Swan City", Grande Prairie, sanctioned the endangered Trumpeter swan as its official symbol; the dinosaur became an unofficial symbol, due to numerous paleontology discoveries in the area. There are a number of festivals held, such as the Live music & summer-wide music festivals, Bear Creek Folk Festival, Maple Sugar Festival, and the Reel Shorts Film festival. The film festival features an international venue of short films, that lasts 5 days.
The County is home to a mix of urban and rural vibrant communities and immense opportunities. Most significant sites to visit include:
Major industries include: agriculture, forestry, construction, energy, manufacturing, tourism, retail, and hospitality. Due to this, Grande Prairie is one of the utmost economically diverse cities in Alberta. It also serves as the transportation hub for an exchange zone of nearly 250,000 people, and is on the “CANAMEX” trade route, connecting Canada, the United States, and Mexico. As Alberta has no provincial sales tax, there is a high number of shoppers from other provinces, which remains a constant benefit to its economic growth.
Creation of Highway 43, in 1956, significantly enhanced Grande Prairie's accessibility and fiscal standing. The County profits from youthful, well-off demographics, local assets and strategies such as low municipal tax, no regional sales tax, and elevated amenities. Solid work force accessibility, renowned infrastructure, and prospects for sustained progress, offer the perfect combination for further economic expansion.