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 in Medicine Hat, Alberta

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 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 Medicine Hat as the insolvency and consumer proposal rates are double the provincial average. Finding credit help in Medicine Hat 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 Medicine Hat may be your best option. A quality Medicine Hat credit counselling program can help you get out from under your debt and shore up your financial future at the same time.

Debt Management Options in Medicine Hat

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

Debt Consolidation Options in Medicine Hat

As a citizen living in Medicine Hat, 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 Medicine Hat here.

Consumer Proposal is the right Option?

To file a consumer proposal, Medicine Hat 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 Medicine Hat, 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 Medicine Hat today.

How Bankruptcy works in Medicine Hat

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

You are not alone

In 2020, 143 Medicine Hat residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $33,415 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Medicine Hat, 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:


Medicine Hat Service Canada Centre
Northside Centre
78 8 St NW,
Medicine Hat, AB T1A 6P1
(800) 622-6232
Available Services
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA - Canadian Revenue Agency
78 8 St NW,
Medicine Hat, AB T1A 6P1
(800) 267-6999

Medicine Hat Alberta Supports Centre
Main Floor Provincial Building, 5,
346-3 Street SE
Medicine Hat, Alberta T1A 0G7
(403) 504-2191
Alberta Supports can help you access more than 30 programs and 120 community services for:
- seniors
- employment
- homelessness
- financial needs
- children and youth
- parents and families
- people with disabilities
- guardianship and trusteeship

Medicine Hat & District Food Bank
532 S Railway St,
Medicine Hat, AB T1A 2V6
(403) 528-4313

Alberta Health Services - Addiction and Mental Health
346 3 Street SE
Medicine Hat, Alberta
T1A 0G7
(403) 529-3500

Salvation Army
457 3rd St SE,
Medicine Hat, AB T1A 0G8
(403) 526-6822

Debt Consolidation Loans
Loans Canada
Debt Relief Loans

Consumer Proposal
Consumer Proposal Loans

Credit Reports
Credit Verify


Additional City Resources in Alberta:

 

Helping residents of Medicine Hat and the surrounding locations: Redcliff, Roytal, Dunmore, Desert Blume, Irvine, Walsh, Elkwater

Insolvency Stats for Medicine Hat

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 2020 in Medicine Hat, Alberta

2020 Data
Population 100,418
Unemployment Rate 9.8%
Median Income $95,630
Average Home Price $277,125
Median Mortgage -
Insolvency
Total Insolvencies: 995 *(- 31%)
Av Assets / Insolvency $112,116 (- $6,301)
Av Liabilities / Insolvency $125,903 (- $7,598)
Debt Ratio: 112% (- 1%)
Bankruptcy
Bankruptcies 219 *(- 85%)
Av Assets $98,839 (+ $4,849)
Av Liabilities $145,412 (+ $1,784)
Debt Ratio: 147% (- 6%)
Consumer Proposals
Consumer Proposals 776 *(- 15%)
Av Assets $115,863 (- $13,635)
Av Liabilities $120,397 (- $8,510)
Debt Ratio: 104% (+ 4%)

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

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About Medicine Hat

What is Unique about Medicine Hat?

Medicine Hat is a city located on the South Saskatchewan River in southern Alberta. With a population of over 63,000, Medicine Hat is the sixth most populated city in Alberta.
Medicine Hat is famous for its vast natural gas fields. The oil and gas industry became synonymous with its identity when English writer Rudyard Kipling described Medicine Hat after a visit in 1907 as having "all hell for a basement, and the only trap door appears to be Medicine Hat." This has earned the city the nickname "The Gas City," with gas lamps lining its city streets.

Medicine Hat’s History

Medicine Hat started as a railway town. In 1883 the Canadian Pacific Railway reached Medicine Hat. This led to an economic boom between 1909 and 1914, with the population reaching more than 10,000.

When you heard Medicine Hat for the first time, you probably wondered about the name's origin. The widely held belief is that Medicine Hat is named after a medicine man's headdress in an Indian legend.

What’s Medicine Hat Famous for?

Medicine Hat is a popular destination for retirees. Almost 16 percent of its population is 65 years old and over. Why do retirees like Medicine Hat so much? Its sunny weather might have something to do with it. Medicine Hat receives an average of 2512.85 hours of sunshine annually, making it Canada's sunniest city.

NHL hockey legend Lanny McDonald got his start playing hockey in Medicine Hat. He started playing for the Medicine Hat Tigers in the fall of 1971, eventually leading the Tigers to the WHL championship in 1973. McDonald would go on to have a legendary NHL career, with his jersey number eight being retired and hung up in the rafters of the Medicine Hat Arena.

What are the Large Economic Drivers?

Medicine Hat is a city that's always been rich in natural resources. Medicine Hat earned the nickname "the Pittsburgh of the West" when it became industrialized in the early 20th century. Large industries have located Medicine Hat over the years to tap into its abundant energy resources. Brickworks, coal mines and flour mills are among the businesses that have opened in Medicine Hat.
In recent years, Medicine Hat has seen chemical plants, greenhouses, the Goodyear tire and rubber plant, and oil and gas companies locate there.

Recent Changes that May have Changed the Economic Outlook

When oil prices fell in 2014, Medicine Hat's economy suffered. Service companies closed shop, and the city's GDP fell. Gross Domestic Product was down by 2.4 percent in 2015.
This served as a wake-up call for Medicine Hat to do a better job of diversifying its economy. City leaders have since been working hard to bring economic prosperity back to the region.
In recent years Medicine Hat has expanded into the agricultural sector, ramping up its hemp production. It also looks to get more involved in the wind and solar energy industries with 3,000 megawatts of wind and solar power proposed for the region.

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