Debt Relief in Action
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!
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 Kamloops 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 Kamloops credit counselling program can help you get out from under your debt and shore up your financial future at the same time.
Residents of Kamloops, 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 Kamloops, 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 Kamloops to determine if a DMP is the right option for you.
As a citizen living in Kamloops, 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 Kamloops, BC here.
To file a consumer proposal, Kamloops, BC 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 Kamloops, 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 Kamloops, BC today.
Many people living in Kamloops, 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 Kamloops, BC call us to speak with a professional who can help.
In 2020, 200 Kamloops residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $37,553 but now have the help they need to get their finances, and their life, back on track.
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
520 Seymour St
Kamloops, BC V2C 2G9
- Unemployment Assistance
- Child Benefits
- Senior AssistanceCRA - Canadian Revenue Agency
520 Seymour St
Kamloops, BC V2C 2G9
Kelowna Veterans Affairs
235 Lansdowne St
Kamloops, BC V2C 1X8
Canadian Mental Health Association
857 Seymour St
Kamloops, BC V2C 2H6
Kelowna Chamber Of Commerce
615 Victoria St
Kamloops, BC V2C 2B3
Thompson Community Services
1450 Pearson Pl #102
Kamloops, BC V1S 1J9
Debt Consolidation Loans
Debt Relief Loans
Home Equity Loan for Debt Consolidation
Consumer Proposal Loans
Credit Reports & Monitoring
TransUnion Credit Report Disputes
Phone: 1-800-663-9980 (English) | 1-877-713-3393 (French)
Credit Counselling Resources in Additional British Columbia Cities:
Helping residents of Kamloops and the surrounding locations: McLure, Vinsulla, Rayleigh, Monte Creek, Pritchard, Shuswap, Chase, Salmon Arm, Broadview, Blind Bay, Balmoral, Cache Creek, Boston Flats, Ashcroft, Walhachin, Merritt, Nicola
|Average Credit Score||687|
|Average Home Price||$349,845|
|Total Insolvencies:||1,184 (- 37%)|
|Av Assets / Insolvency||$61,168 (- $29,582)|
|Av Liabilities / Insolvency||$125,750 (+ $23,204)|
|Debt Ratio:||206% (+ 93%)|
|Bankruptcies||372 (- 63%)|
|Av Assets||$27,742 (- $10,854)|
|Av Liabilities||$190,722 (+ $69,006)|
|Debt Ratio:||687% (+ 372%|
|Consumer Proposals||812 (- 25%)|
|Av Assets||$76,481 (- $45,490)|
|Av Liabilities||$95,984 (+ $4,915)|
|Debt Ratio:||125% (+50%|
* % change from 2018
Originally inhabited by the Nlaka’pamux and Secwépemc peoples for 10,000 years, the area was named Tk'emlups, meaning “where the rivers meet.” In 1811, three members of the Pacific Fur Company ventured to the region and established trade with the native population. They then built a trading post, in 1812, which was the first non-Indigenous settlement in Southern British Columbia. The gold rush and expansion of the Canadian Pacific Railway, in 1885, encouraged further development. Kamloops was incorporated as a city in 1893 and was amalgamated, in 1967, to form the city it is today.
Kamloops is the largest community in the region with a population of over 90,000 people, 82 parks, and 100 lakes. As Canada’s “Tournament Capital”, the city hosts over 100 tournaments annually and enjoys roughly 2000 hours of sunshine a year. Diverse cultural highlights include numerous festivals, competitions, art galleries, theatrical experiences, and museums; some of which are: the Kamloopa Powwow, Sport Chek Kamloops Marathon, and Kamloops Cowboy Festival! Kamloops has the highest number of golf courses per capita throughout Canada, as well as numerous breweries and vineyards. In 2016, the city also became BC's first elected “Bee City”, vowing to revitalize the bee population through education and action.
● BC (Kamloops) Wildlife Park
● Kamloops Art Gallery (KAG)
● Cascades Casino Kamloops
● Kamloops Museum and Archives
● Secwepemc Museum & Heritage Park
● Riverside Park (centre of the city) and Kenna Cartwright Nature Park
● The Old Courthouse Cultural Centre
The city’s economy is strong and diverse. Forestry, mining, retail, manufacturing, and agriculture have always secured the economy as core industries. Today, the developing areas of tech, bio-energy, sustainability, and tourism are strengthening their economic base and active development. Kamloops is the trade and distribution centre for the southern portion of BC’s interior. It is serviced by the Canadian National & Pacific railways, numerous commercial airlines, and three primary freeways. Major employers include the Royal Inland Hospital, Thompson Rivers University, and the headquarters of the BC Lottery Corporation.
The low Canadian dollar will benefit tourism, which may also enhance commercial service industries such as housing and food amenities. Forestry, metal mining, and fishing are expected to decline, in the coming years, while agriculture, non-metal mining, tourism, energy, and tech industries are likely to expand. Rising interest rates and Canadian consumer debt may also lead to reduced demand for durable goods. To support continued economic growth, the city aims to maintain partnerships with local economic development organizations, such as Venture Kamloops, Tourism Kamloops, and the Chamber of Commerce.