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

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 Red Deer

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 Red Deer as the insolvency and consumer proposal rates are increasing above the provincial average. Finding credit help in Red Deer 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 Red Deer may be your best option. A quality Red Deer 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 Red Deer

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

Debt Consolidation Options in Red Deer

As a citizen living in Red Deer, 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 Red Deer here.

Options for a Consumer Proposal in Red Deer, AB

To file a consumer proposal, Red Deer 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 Red Deer, 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 Red Deer today.

How Bankruptcy works in Red Deer

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

You are not alone

In 2020, 272 Red Deer residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $22,507 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Red Deer, 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:


Red Deer Service Canada Centre
4901 46 St #101
Red Deer, AB T4N 1N2
(800) 622-6232
Available Services
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA - Canadian Revenue Agency
4996 49 Ave,
Red Deer, AB T4N 6X2,
(800) 267-6999

Employment Placement & Support Services
4315 55 Ave #200,
Red Deer, AB T4N 4N7
(403) 343-6249

Red Deer Food Bank
7429 49 Ave,
Red Deer, AB T4P 1N2
(403) 346-1505

Red Deer Alberta Supports Centre
109 Provincial Building, 4920-51 Street
Red Deer, Alberta T4N 6K8
(403) 340-7989
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

Alberta Health Services
4733 49 St,
Red Deer, AB T4N 1T6
(403) 340-5466

Salvation Army
2325 50 Ave #132,
Red Deer, AB T4R 1L2
(403) 340-0625

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 Red Deer and the surrounding locations: Blackfalds, Red Deer Junction, Sylvan Lake, Innisfall, Springbrook, Lacombe, Rocky Mountain House, Wetaskiwin

Insolvency Stats for Red Deer

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 62 50 88
Consumer Proposals 144 110 190
Red Deer in Total 206 160 278

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
Red Deer
Insolvency 3.8 3.7 3.2 3.5 3.6 4.6 6.4 5.1 5.4 6.5
Bankruptcy 3.1 2.5 1.8 1.9 1.6 1.8 2.5 2.0 1.7 2.0
Proposal 0.7 1.2 1.4 1.6 1.9 2.9 3.9 3.1 3.7 4.6

Data from 2019 in Red Deer, Alberta

2019 Data
Population 100,418
Unemployment Rate 7.3%
Median Income $95,630
Median Home Price $349,900
Median Mortgage -
Insolvency
Total Insolvencies: 861 *(- 28%)
Av Assets / Insolvency $147,168 (+ $2,276)
Av Liabilities / Insolvency $164,924 (+ $3,720)
Debt Ratio: 111% (+ 1%)
Bankruptcy
Bankruptcies 239 *(- 40%)
Av Assets $122,190 (+ $21,738)
Av Liabilities $159,629 (+ $28,347)
Debt Ratio: 154% (- 5%)
Consumer Proposals
Consumer Proposals 622 *(- 23%)
Av Assets $156,766 (- $7,503)
Av Liabilities $156,067 (- $5,825)
Debt Ratio: 100% (+ 1%)

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

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About Red Deer

What is Unique about Red Deer?

Red Deer is a city in Alberta located between Calgary and Edmonton. With a population of slightly over 100,000, Red Deer is the fourth most populated city in Alberta after Calgary, Edmonton and Lethbridge.
Red Deer has quite the name origin. The Cree, one of the largest groups of First Nations in North America, called the river in Red Deer “Waskasoo Seepee,” which means “Elk River.” However, the British got the translation wrong because they thought that North American elk were the same as European red deer. Regardless, the name of Red Deer stuck

Red Deer’s History

Before Europeans settled modern-day Red Deer, it was a gathering place for Aboriginal tribes.
When Fort Calgary came about in 1875, traffic increased between Calgary and Edmonton. It further went up when the Canadian Pacific Railway arrived. At this time, a trading post and stopping house were built, helping pave the way for a permanent settlement.
Red Deer saw tremendous population growth in the early 20th century. In 1901 its population was only 343. The population reached 2,800 when it became a city in 1913.
Red Deer played a crucial role in War Ward II, serving as a significant military training camp.

What’s Red Deer Famous for?

When you look on a map, Red Deer may seem like the halfway point between Calgary and Edmonton, but it’s so much more. Red Deer has a great food scene and plenty to do outdoors in all seasons.
Being a city in the Prairies, Red Deer has plenty of farms. There are over 9,000 farms in the area, with some offering tours and food.

What are the Large Economic Drivers?

Red Deer has a diverse economy. It’s home to over 57,000 jobs and 3,500 businesses. Red Deer’s economic success has usually come from traditional industries and emerging sectors. The top five industries in Red Deer are retail trade, health care, construction, oil and gas and manufacturing. Together these industries provide over half the jobs in the city.
The three most common occupations in Red Deer are sales and services, trades and equipment operators, and business and finance. In fact, each of these occupations provides 10,000 jobs to Red Deer and has been growing at a rate of eight percent since 2015.

Recent Changes that May have Changed the Economic Outlook

Times have been tough for Alberta in recent years, and this includes Red Deer. The provincial recession has hit cities that depend on oil and gas. Red Deer’s population fell below 100,000 in 2016 due in large part to the weak performance of the energy sector. At the peak of the recession, Red Deer’s unemployment rate stood at 10 percent.
Red Deer has booms and busts like other cities. It can see its economy grow by five percent one year and fall by two or three percent the next year.
Despite the challenges, the worst appears to be over for Red Deer, as it looks to regain the momentum it lost before the recession.

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