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 Help in Burnaby

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. Burnaby faces additional pressures as average wage growth lags well behind its neighbours in the area. If you live in Burnaby 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 Burnaby 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 Burnaby?

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

Debt Consolidation Options in Burnaby

As a citizen living in Burnaby, 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 Burnaby here.

Options for a Consumer Proposal in Burnaby

To file a consumer proposal, British Columbia 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 Burnaby, 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 Burnaby today.

How Bankruptcy works in Burnaby

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

YOU ARE NOT ALONE

In 2020, 254 Burnaby residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $25,248 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Burnaby, 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:

Burnaby Service Canada Centre
3480 Gilmore Way Suite 100
Burnaby, BC V5G 4Y1
Available Services
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA – Canadian Revenue Agency
9755 King George Blvd
Surrey, BC V3T 5E1
(800) 959-8281

Surrey Veterans Affairs
13479 108th Avenue
3rd Floor, Suite 350
Surrey, B.C.
V3T 5T4
(866) 522-2122

BC Housing
4555 Kingsway #101, Burnaby, BC V5H 2E3
(604)589-8678

BC Mental Health & Addiction
3405 Willingdon Ave
Burnaby, BC V5G 3H4,
(604) 953-4900

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

Salvation Army
6125 Nelson Ave
Burnaby, BC V5H 3J1,
604-437-1521

Debt Consolidation Loans
Loans Canada
Debt Relief Loans

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)
TransUnion


Credit Counselling Resources in Additional British Columbia Cities:

Insolvency Stats for Burnaby

2020 Data
Population 232,755
Average Credit Score 687
Median Income $64,737
Average Home Price $940,938
Median Mortgage $-
Avg. Non-Mortgage Debt $26,629
Insolvency
Total Insolvencies: 4,497 *(- 35%)
Av Assets / Insolvency $48,288 (+ $2,995)
Av Liabilities / Insolvency $94,531 (- $5,681)
Debt Ratio: 196% (- 26%)
Bankruptcy
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%)

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

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About Burnaby

What is Unique about Burnaby?

Burnaby is a major city in British Columbia. It’s part of Metro Vancouver and is adjoined to the City of Vancouver on the west, New Westminster at the southeast and Coquitlam on the east. With a population of 232,755 according to the 2016 census, Burnaby is the third-largest city in B.C., behind only Vancouver and Surrey. Burnaby was incorporated way back in 1892, achieving city status 100 years later in 1992. It is a key location for municipal government decision-making. The seat of Metro Vancouver’s regional government is situated there. It has its own mayor and eight city councillors who look after its municipal affairs.
Burnaby has excellent rapid transit access. It’s served by two Skytrain lines: the Expo and Millennium Line. It has 11 Skytrain stations. The Skytrain’s second-busiest station Metrotown is located in Burnaby.
Are you curious where Burnaby got its name from? Burnaby is actually named after a real person. It’s named after Robert Burnaby, a businessman, explorer and legislator in the 19th century.
Similar to Vancouver, Burnaby is a very multicultural city. A large portion of its population is made up of visible minorities, including Chinese, Indian, Korean and Southeast Asians. In fact, less than half of the population speaks English or French as its first language. It’s only fitting then that three of its sister cities are in Asia: Zhongshan, Guangdong, China; Kushiro, Japan; and Hwaseong, Gyeonggi, Korea.
Burnaby has become a popular place for international students for its superior public schools and post-secondary institutions. Simon Fraser University and BCIT are both located there.

Burnaby’s History

Burnaby may be a busy city today with massive skyscrapers, but it wasn’t always that way. There was very little there when William Holmes arrived in the 1850s. William Holmes is the first recorded European settler to discover the area.
When Burnaby was incorporated, the townsfolk chose to name it after legislator, speaker, Freemason and explorer Robert Burnaby. Robert Burnaby played a pivotal role in the creation of the town of Burnaby. He was the private secretary to Colonel Richard Moody, who was the first land commissioner for the Colony of B.C. in the mid-19th century. It was at this time that Robert Burnaby had surveyed a lake at the centre of town. Moody named it Burnaby Lake in honour of Robert Burnaby.
Where is now modern-day Central Park, a naval reserve that was set up there back in the day? The trees in the surrounding forest were used to build British warships. Until the 20th century, Burnaby remained a sleepy rural community. The townsfolks mostly worked on fruit and berry farms.
Burnaby has always had its fortunes closely tied to cities close by. Its growth has been influenced by Vancouver and New Westminster over the years.
1891 was an important year for Burnaby. It’s in that year that the construction of the new interurban tram line was completed. The tram line connected Burnaby with neighbouring Vancouver and New Westminster. This led to various businesses opening up shop around the new line.
Burnaby was once a logging town, but that all changed at the turn of the century. Starting in the 20th century, Burnaby shifted towards being a working-class city. Burnaby was hard hit by the Great Depression but managed to come back stronger than before.
Burnaby originally served as a rural agricultural area to supply nearby markets. It later evolved to become an important transportation corridor linking Vancouver, the Fraser Valley and the Interior, which it remains to this day.
As Vancouver became a world-class city, Burnaby evolved to become a first-tier bedroom suburban community. Over the years, however, Burnaby has been shifting from suburban to urban, as the city becomes more urbanized.

What’s Burnaby Famous for?

If you’re into the outdoors, you’ll want to visit the Capilano Suspension Bridge. As its name suggests, the Capilano Suspension Bridge is a suspension bridge that crosses the Capilano River. The bridge spans 140 metres and is 70 metres above the river. Each year it attracts over one million visitors.
Another place outdoor enthusiasts will enjoy is Central Park. Named after Central Park in New York City, Burnaby’s version features 90 hectares of green space. It’s also home to a temperate rainforest ecosystem, children’s playground, walking trails, mini-golf course and tennis courts. Due to its nice scenery, it’s a popular place for film crews to shoot.
If you’re a fan of food, you’ll want to check out the Burnaby Farmer’s Market. Taking place between May and October each year, enjoy fresh local produce, live music, entertainment and fun for all ages.
There are several famous Canadians who came out of Burnaby. Those include Michael J. Fox, Michael Bublé and former B.C. premier Christy Clark.

What are the Large Economic Drivers?

Burnaby has a robust economy. IT is one of its largest economic drivers. Major IT companies like Electronic Arts, Creo and Telus are located there. Manufacturers like Nokia can also be found in Burnaby, as can health care firms. Other major employers found in Burnaby include Best Buy, Pacific Blue Cross and Ritchie Bros. Auctioneers.
Burnaby also has a thriving oil and gas industry. You can find a number of oil refineries at Burrard Inlet, including Chevron Corporation and Petro-Canada.
Burnaby is also home to B.C.’s largest mall and Canada’s second-largest mall (behind only West Edmonton Mall). With over 450 shops, services and restaurants and transit connections to Vancouver, Metropolis Mall is a significant employer for the area.

Recent Changes that May have Changed the Economic Outlook

Ever since the 1990s, the economy of Burnaby has shifted away from light manufacturing and heavy industry to high technology. The shift is primarily a result of high land values and traffic congestion. Other large economic drivers include education, the film industry, retail, utilities and warehouse and distribution. In fact, a number of film production studios have set up shop within city limits.
Agriculture was once an important industry but has nearly been eliminated in recent years to make way for residential and industrial developments.