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

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 Services in Lethbridge, 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 resident filing for insolvencies has increases 9.6% in 2018 over the number in 2017. While the number of people seeking bankruptcy protection In Alberta fell slightly, Consumer Proposals increased 16% in 2018. This is especially true in Lethbridge as the insolvency and consumer proposal rates are increasing at the provincial average. Finding credit help in Lethbridge 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 Lethbridge 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 Lethbridge?

Residents of Lethbridge 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 Lethbridge, 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 Lethbridge to determine if a DMP is the right option for you.

Debt Consolidation Options in Lethbridge

As a citizen living in Lethbridge, 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 Lethbridge here.

Options for a Consumer Proposal in Lethbridge

To file a consumer proposal, Lethbridge 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 Lethbridge, 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 Lethbridge today.

How Bankruptcy works in Lethbridge

Many people living in Lethbridge 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 Lethbridge, call us to speak with a professional who can help.

You are not Alone

In 2020, 180 Lethbridge AB residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $20,023 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Lethbridge, 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 too:


Kingston Service Canada Centre
920 2A Avenue North, Crowsnest Trail Plaza, Unit 101
Lethbridge, AB T1H 0E3
(800) 622-6232
Available Services:
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA - Canadian Revenue Agency
419 7 St S #200
Lethbridge, AB T1J 1H8
(800) 267-6999

Royal Canadian Legion Branch 4
324 Mayor Magrath Dr S
Lethbridge, AB T1J 3L7
(403) 327-6644

Lethbridge Food Bank
1016 2nd Avenue South
Lethbridge, AB T1J 0C9
(403) 320-1879

Canadian Mental Health Association
426 6 St S
Lethbridge, AB T1J 2C9
(403) 329-4775

The Salvation Army
1249 3 Ave S
Lethbridge, AB T1J 0J9

Debt Consolidation Loans
Loans Canada
Debt Relief Loans

Consumer Proposal
Consumer Proposal Loans

Credit Reports
Credit Verify

Additional cities with available services 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, Magrath

Insolvency Stats for Lethbridge

 

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 43 61 102
Consumer Proposals 203 156 239
Lethbridge - Medicine Hat in Total 246 217 341

Annual Consumer Insolvency Rates in Alberta

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

Alberta
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Insolvency 3.8 3.5 3.1 2.7 2.6 3.1 4.0 4.0 4.4 4.9
Bankruptcy 2.9 2.5 2.0 1.5 1.2 1.3 1.7 1.5 1.5 1.7
Proposal 1.0 1.0 1.2 1.2 1.4 1.7 2.4 2.5 2.9 3.3
Lethbridge – Medicine Hat
Insolvency 5.0 4.4 3.6 3.5 3.8 4.4 5.3 4.2 5.0 5.8
Bankruptcy 3.9 3.1 2.4 2.2 1.7 1.9 2.2 1.7 1.7 1.8
Proposal 1.1 1.2 1.3 1.3 2.1 2.5 3.1 2.5 3.3 4.0

 

Data from 2019 in Lethbridge, AB

2019 Data
Population 92,730
Unemployment Rate 5.9%
Median Income $74,084
Median Home Price $322,078
Median Mortgage -
Insolvency
Total Insolvencies: 1,301 *(+16.7%)
Av Assets / Insolvency $118,417
Av Liabilities / Insolvency $133,501
Debt Ratio: 113%
Bankruptcy
Bankruptcies 406 *(+5.2%)
Av Assets $93,990
Av Liabilities $143,628
Debt Ratio: 153%
Consumer Proposals
Consumer Proposals 895 *(+22.8%)
Av Assets $129,498
Av Liabilities $128,907
Debt Ratio: 100%

Source: https://www.ic.gc.ca/
* % change from 2018

About Lethbridge

Lethbridge is a city located in southern Alberta. It’s south of Calgary on the Oldman River. With a population of over 100,000, it’s behind only Calgary and Edmonton in population size. Lethbridge benefits from milder temperatures than the rest of the provinces due to its proximity to the Canadian Rockies.
Lethbridge has a bit of a rivalry going with Red Deer, Alberta. Over the years, Lethbridge and Red Deer have traded places as the third and fourth-largest cities in Alberta. Lethbridge currently holds the title as the third-largest city in Alberta.

Lethbridge's History

Before the 19th century, Lethbridge was home to First Nations people and tribes. Although Lethbridge went by many native names, it gained the title of Lethbridge, named after William Lethbridge. William Lethbridge was the President of the North Western Coal and Navigation Company in the late 19th century.
1885 was a big year for Lethbridge. This year, the first rail line was opened there by Alberta Railway and Coal Company. In the early 1900’s Lethbridge was home to a development boom. It suddenly found itself as the marketing, distribution and service centre of southern Alberta.

What is Lethbridge Famous For?

Lethbridge offers a lot for nature lovers. Enjoy the natural tranquillity of the Nikka Yuko Japanese Gardens. From the springtime to autumn, you’ll gain a sense of relaxation from walking through these gardens.
If you’re looking for something a little more fun, head over to Henderson Lake Park, which is a man-made lake, but don’t let that fool you. There are still plenty of fun things to see and do there. Explore the park’s seven kilometres of pathways, three playgrounds and many picnic areas.
Looking for more trails to explore? Head to Indian Battle Park on the Oldman River. There you’ll find five kilometres of river trail to traverse.

What Are the Large Economic Drivers?

Lethbridge is Alberta’s southern commercial, distribution, financial and industrial capital. It provides jobs to approximately 85,000 who commute to the area. Half of Lethbridge’s workers work in the health, education, retail and hospitality industries. The government is a significant employer in the area, ranking as the top five employers in the region.

Lethbridge acts as a hub for the area. Many transport services are available around the city. Lethbridge also provides water to nearby municipalities, including Coaldale, Coalhurst, Diamond City and Iron Springs.
In 2002, Lethbridge formed the Economic Development Lethbridge to help promote economic development in the area. It also partnered with SouthGrow to help bolster alternate energy.

Recent Changes That May Have Changed the Economic Outlook

Lethbridge’s economy used to depend on the agriculture industry, although it has made an effort to diversify in recent times.
Lethbridge has become a popular place for Albertans to retire, due to its milder climate. It has seen a condo construction boom. Many condos there are catered to seniors, providing them with the amenities and care that they need.

Sources:

  • https://www.tripadvisor.ca/
  • https://www.todocanada.ca
  • https://www.thecanadianencyclopedia.ca
  • https://www.cbc.ca/
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