At, 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 Services in Abbotsford, BC

Economists who watch consumer debt levels across Canada have become increasingly alarmed by what they are seeing in British Columbia. While average consumer debt levels throughout the country have been steadily increasing in recent years, some of the biggest increases have been in BC. In fact, the province continues to have the highest average consumer debt level in the entire country. If you live in Abbotsford 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 Abbotsford 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 Abbotsford, BC

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

Debt Consolidation Options in Abbotsford

As a citizen living in Abbotsford, 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 Abbotsford here.

Options for a Consumer Proposal in Abbotsford

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

How Bankruptcy works in Abbotsford

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

You are not alone

In 2021, 198 Abbotsford residents reached out to to finally tackle their debt problems. They were struggling with an average debt load of $25,208 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Abbotsford, BC 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:

Abbotsford Service Canada Centre
32525 Simon Ave Suite 100
Abbotsford, BC V2T 6T6
(800) 622-6232
Available Services
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA - Canadian Revenue Agency
32525 Simon Ave Suite 100
Abbotsford, BC V2T 6T6
(800) 622-6232

Army Navy & Air Force Veterans
30394 McNeil Ave,
Abbotsford, BC V4X 1V5
(604) 856-7521

Abbotsford Community Services
2539 Montvue Ave
Abbotsford, BC V2S 3V2
(604) 870-4972

BC Mental Health & Addiction
10022 King George Blvd,
Surrey, BC VT3 2W4
(604) 953-4900

Archway Abbotsford Food Bank
33914 Essendene Ave
Abbotsford, BC V2S 4H8

Better Business Bureau serving Mainland BC
788 Beatty St #404,
Vancouver, BC V6B 2M1
(604) 682-2711

Salvation Army
34081 Gladys Ave
Abbotsford, BC V2S 2E8
(604) 852-9305

Debt Consolidation Loans
Loans Canada
Debt Relief Loans

Home Equity Loan for Debt Consolidation

Consumer Proposal
Consumer Proposal Loans

Credit Reports & Monitoring
Credit Verify

TransUnion Credit Report Disputes
Phone: 1-800-663-9980 (English) | 1-877-713-3393 (French)

Credit Counselling Resources in Additional British Columbia Cities:

Insolvency Stats for Abbotsford

Q3 2021 Q2 2021 Q3 2020
Bankruptcies 18 28 21
Consumer Proposals 62 70 42
Abbotsford in Total 80 98 63

Data from 2020 in Abbotsford, BC

2020 Data
Population 180,518
Average Credit Score 687
Median Income $73,598
Average Home Price $594,379
Median Mortgage $-
Avg. Non-Mortgage Debt $26,629
Total Insolvencies: 4,497 *(- 35%)
Av Assets / Insolvency $48,288 (+ $2,995)
Av Liabilities / Insolvency $94,531 (- $5,681)
Debt Ratio: 196% (- 26%)
Bankruptcies 1,360 *(- 53%)
Av Assets $40,411 (+ $9,111)
Av Liabilities $137,666 (- $7,047)
Debt Ratio: 341% *(- 121%)
Consumer Proposals
Consumer Proposals 3,137 *(- 27%)
Av Assets $51,703 (- $901)
Av Liabilities $75,831 (- $1,111)
Debt Ratio: 147% (-1%)

*() change from 2019

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About Abbotsford

What is Unique about Abbotsford?

Abbotsford is a city in southern British Columbia. You can find it in line with the Canada-United States border. With a population of 121,279 in 2016, it’s the largest municipality by population in British Columbia, second only to Metro Vancouver. However, at 375.55 square kilometres, Abbotsford is the largest city by area, which is more significant than Vancouver. Abbotsford also ranks as the 23rd largest metro area by population in Canada.
When you’re in Abbotsford, you can enjoy the breathtaking views of the mountains. To the north, you’ll find the Coast Mountains, while to the southeast, you’ll find Mount Baker in Washington State.
The citizens of Abbotsford are quite generous. Abbotsford has been named the most generous city in Canada for charitable donations for nine years in a row.

Abbotsford's History

The history of Abbotsford dates to the gold rush. In 1858 Royal Engineers surveyed the area. That led to the construction of the first transportation route to link the Fraser Valley. From there, the settlement grew over the years. In 1889 John Cunningham, a former Royal Engineer, applied to obtain 160 acres of land in what would eventually become Abbotsford.
A couple of years later in 1891, the Canada Pacific Railway arrived in Abbotsford. A railway line through the region connected with Mission and Seattle. This was the only way to get between Seattle and Vancouver by rail until 1904.

What’s Abbotsford Famous for?

Did you know that Abbotsford is home to the oldest Sikh temple in North America? That’s right, the Gur Sikh Temple, built between 1908 and 1911, is over a hundred years old, outlasting many other temples.
There’s some disagreement between historians regarding the origin of Abbotsford's name. The most widely held belief is that the town was named after Henry Braithwaite Abbott, the western superintendent of the Canadian Pacific Railway. However, they say the city was named after Sir Walter Scott's home, Abbotsford. Some have even claimed that the town name came from a combination of the two.

What are the Large Economic Drivers?

Abbotsford’s economy is known as one of the most diverse economies in Canada. The significant economic drivers in Abbotsford include agriculture, transportation, manufacturing and retail. Abbotsford makes the most of its fertile soil. It’s said to produce the highest dollar per acre of agricultural land in Canada, even more than Niagara and North Okanagan.
The largest employer in Abbotsford is the Abbotsford Regional Hospital and Cancer Centre. It provides approximately 2,500 jobs. There are also three federal prisons, providing between 200 and 500 jobs at each location.
Many of the residents of Abbotsford work in the city. Nearly two-thirds (62 percent) of residents work in the City of Abbotsford.

Recent Changes that May have Changed the Economic Outlook

To better diversify its economy, Abbotsford has been focusing on the aerospace industry. Companies like Cascade Aerospace and Conair Group Inc. have set up shop in Abbotsford, providing plenty of well-paying jobs to city folks.
In recent years, industries that have been booming and providing new jobs to the area include construction, health care, manufacturing, retail and transportation.
Agriculture still plays an essential role in Abbotsford’s economy. Abbotsford is a popular place to grow raspberries, earning it the title of the “Raspberry Capital of Canada.”