Debt Relief Solutions in Grande Prairie, Alberta
Residents of Grande Prairie, Alberta have reduced their payments by up to 50% by contacting Debt.ca for help.
Debt.ca will evaluate your situation and refer you to qualified and vetted professionals based on the solution that will work best for you.
Reduce Your Payments By Up To 50%
Lower Your Interest Rates
Make One Low Monthly Payment For All Your Debt
Debt Free in as little as 24 – 48 Months
Canadian Debt Relief
Debt Management Plans
Debt.ca is Canada’s trusted source for debt relief
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!
CREDIT COUNSELLING HELP IN GRANDE PRAIRIE, AB
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 Grande Prairie 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 Grande Prairie may be your best option. A quality Grande Prairie 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 GRANDE PRAIRIE, AB?
Residents of Grande 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 Grande 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 the debt in lieu of enrolling in a debt management plan. Speak to a counsellor in Grande Prairie to determine if a DMP is the right option for you.
DEBT CONSOLIDATION OPTIONS IN GRANDE PRAIRIE, AB
As a citizen living in Grande 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 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 Grande Prairie here.
OPTIONS FOR A CONSUMER PROPOSAL IN GRANDE PRAIRIE
To file a consumer proposal, Grande 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 Grande Prairie, 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 Grande Prairie today.
HOW BANKRUPTCY WORKS IN GRANDE PRAIRIE
Many people living in Grande 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 bankruptcy. If you’re thinking about filing for bankruptcy in Grande Prairie, call us to speak with a professional who can help.
YOU ARE NOT ALONE
In 2021, 155 Grande Prairie residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $13,549 but now have the help they need to get their finances, and their life, back on track.
Resources available in Grande Prairie, 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:
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
Additional City Resources in Alberta
Helping residents of Lethbridge and the surrounding locations: Fort MacLeod, Lenzie, Monarch, Coalhurst, Broxburn, Coaldale, Cardston, Maybutt, Taber, Brocket, Claresholm, Warner, Milk River and Magrath
Insolvency stats for Grand Prairie
GRANDE PRAIRIE, ALBERTA QUARTERLY DATA FROM 2022 & 2021
|Q3 ’22||Q2 ’22||Q1 ’22||Q4 ’21|
ANNUAL CONSUMER INSOLVENCY RATES IN ALBERTA
(Per 1,000 Population Aged 18 Years and Older)
* Banff – Jasper – Rocky Mountain House and Athabasca – Grande Prairie – Peace River
DATA FROM 2020 IN GRANDE PRAIRIE, ALBERTA
|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%)|
About Grande Prairie
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!
Facts About Grande Prairie
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.
What is Grande Prairie Famous For?
The County is home to a mix of urban and rural vibrant communities and immense opportunities. Most significant sites to visit include:
- Philip J. Currie Dinosaur Museum
- Art Gallery of Grande Prairie & Grant Berg Gallery
- Grande Prairie Museum & Heritage Village
- Muskoseepi Park: offers 1100 acres of parkland, walking trails, manicured fields, and group use facilities
- Great Northern casino
- Nitehawk adventure park
- Eastlink Centre
Large Economic Drivers in Grande Prairie
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.
Recent Changes that may have changed the Economic Outlook
The 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 workforce accessibility, renowned infrastructure, and prospects for sustained progress offer the perfect combination for further economic expansion.
Alberta 2022 Tax Brackets
Residents of Alberta are required to pay both Federal and Provincial Income Tax each year on your total taxable income.
Each Province sets their own bracket thresholds.
10% on the portion of your taxable income that is $131,220 or less
+ 12% on the portion of your taxable income between $131,220 and $157,464
+ 13% on the portion of your taxable income between $157,464 and $209,952
+ 14% on the portion of your taxable income between $209,952 and $314,928
+ 15% on the portion of your taxable income that is more than $314,928
If your total taxable income came out to be exactly $150,000, your provincial tax amount owed would be $16,979.90.
10% * $131,220 = $13,122.00 plus
20.5% * $18,780 ($150,000 – 131220) = $3,849.9
Provincial tax owed = $13122+$3,849.9 = $16,97.9