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 Services in Chilliwack, 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 Chilliwack 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 Chilliwack 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 Chilliwack, BC?

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

Debt Consolidation Options in Kamloops, BC

As a citizen living in Chilliwack, BC, 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 Chilliwack, BC here.

Options for a Consumer Proposal in Chilliwack, BC

To file a consumer proposal, Chilliwack 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 Chilliwack, BC, 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 Chilliwack, BC today.

How Bankruptcy works in Chilliwack, BC

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

You are not alone

In 2020, 184 Chilliwack residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $23,671 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Chilliwack, 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:


Kamloops Service Canada Centre
9345 Main St
Chilliwack, BC V2P 4M3
(800) 622-6232
Available Services
- Unemployment Assistance
- Child Benefits
- Senior AssistanceCRA - Canadian Revenue Agency
9345 Main St
Chilliwack, BC V2P 4M3
(604) 585-5769

Royal Canadian Legion Branch 4
9350 Mary St,
Chilliwack, BC V2P 4H1
(250) 851-4815

Pacific Community Resources
45921 Hocking Ave
Chilliwack, BC V2P 1B5
(604) 795-5994

Chilliwack Society for Community Living
9353 Mary St
Chilliwack, BC V2P 4G9
(604) 792-7726

Debt Consolidation Loans
Loans Canada
Debt Relief Loans

Home Equity Loan for Debt Consolidation
Morgix
HELOC 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:

 

Helping residents of Kamloops and the surrounding locations: Cultus Lake, Vedder Crossing, Barrowtown, Sardis, Fairfield, Agassiz, Bridal Falls, Hope, Haig, Katz, Ruby Creek, Laidlaw, Popkum, Deroche

Insolvency Stats for Chilliwack

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 30 21 33
Consumer Proposals 57 42 79
Abbotsford in Total 87 63 112

Data from 2020 in Chilliwack, BC

2020 Data
Population 101,512
Average Credit Score 687
Median Income $67,800
Average Home Price $740,908
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 Chilliwack

The Stό:lō Nation (“People of the River”) was present in this region for thousands of years. The city derives its name from the word “Ts’elxwéyeqw,” which translates to ‘going as far as you can go upriver.’ Incorporated in 1873, Chilliwack is the third oldest municipality in British Columbia. Initially, the settlement was concentrated along the Fraser River, where steamboats transported cargo & passengers. A subdivision called Centreville was developed and was then replaced by the more popular name Chilliwhack, in 1887. The city dropped the "h" in its spelling when it was integrated as a separate municipality in 1908.

Facts About Chilliwack

Often nicknamed “the Wack,” Chilliwack provides picturesque lakes, enormous mountains, and some of the highest-rated trails in Fraser Valley. The innate marvels of Chilliwack extend limitless possibilities for outdoor recreation. The Chilliwack Tulips festival is the largest event of its kind in BC, with millions of Tulips blossoming each year! Other festivals include the Chilliwack Fair & Rodeo, Spirit of the People Powwow, and Chilliwack Flight Fest. Chilliwack has a population of 91,797, with a total minority population of 4.8%. Aborigines make up over 8% of the population. The region is known to have some of the highest quality water throughout Canada. It is additionally recognized for its famous corn and pumpkin farms.

What is Chilliwack Famous For?

Chilliwack is recognized for its wide range of high-quality outdoor attractions and experiences. Places of interest include:
• Atchelitz Threshermen’s Association Museum (“Pioneer Village”)
• Chilliwack Heritage Park
• Dickens Sweets Shop & British Museum
• Fantasy Farms
• Bridal Veil Falls Provincial Park, Vedder River Rotary Trail
• Chilliwack Museum and Archives
The Chilliwack Museum and Archives has been accumulating artifacts and archives linked to Chilliwack’s history since 1958.

Large Economic Drivers in Chilliwack

The economy in Chilliwack is diverse, with several key industry sectors leading the way. These industries include agriculture, tourism, manufacturing, and distribution. Agriculture is a critical element of Chilliwack’s individuality, providing a consistent foundation for the regional economy. Chilliwack’s unique manufacturing sector consists of oil and gas, machinery, transportation, aviation, food processing, and forestry. Chilliwack is situated along the Trans-Canada Highway and is a popular stop for long-haul truckers. Due to the lack of municipal tax on fuel, there are about 60 national and local trucking firms located in this region.

Recent Changes that may have changed the Economic Outlook

Tourism Chilliwack was established as Chilliwack Economic Partner Corporation (CEPCO) to establish cooperation between the city and the tourism industry. Their goal is to stimulate further expansion and broaden the tourism industry, by creating sustainable tourism tactics. The Business Improvement Association (BIA) also focuses on revamping and drawing in additional businesses to downtown. The city established a downtown revitalization tax exemption program, which allows new businesses to qualify for savings on industrial property taxes. There are also plans to enhance Chilliwack’s online presence and acclimate to advancing technologies.

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