Debt Relief Solutions in Winnipeg, MB
Residents of Winnipeg, Manitoba have reduced their payments by up to 50% by contacting Debt.ca for help.
Debt.ca will evaluate your situation and refer you to qualified and vetted professionals based on the solution that will work best for you.
Reduce Your Payments By Up To 50%
Lower Your Interest Rates
Make One Low Monthly Payment For All Your Debt
Debt Free in as little as 24 – 48 Months
Canadian Debt Relief
Debt Management Plans
Debt.ca is Canada’s trusted source for debt relief
At Debt.ca, we understand that people might find themselves surrounded with 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 your 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 WINNIPEG, MB
Residents of Winnipeg know the rising cost of living all too well, as is evident in the average amount of consumer debt that residents of the province are carrying. Although the average consumer debt in Winnipeg remains lower than the rest of Canada, the average debt in the province has recently jumped nearly 10 percent. If that isn’t a debt problem, we don’t know what is. As of the first quarter of 2019, the average consumer debt was approx $18,000, up 1.6% from the previous year but well below the national average of $23,496 and more than $10,000 lower than Alberta. Even though average debt loads are lower, that doesn’t mean people aren’t struggling.
Our credit counsellors can help you find a solution. If you live in Winnipeg 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 seek. A quality Winnipeg credit counselling program can help you get out from under your debt and eventually become debt free. Get your finances back on track by speaking to trained credit counsellors, regardless of your financial situation.
WOULD A DMP WORK FOR RESIDENTS OF WINNIPEG, MB
Residents of Winnipeg 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 Winnipeg, 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 Winnipeg, MB to determine if a DMP is the right option for you.
DEBT CONSOLIDATION OPTIONS IN WINNIPEG, MB
As a citizen living in Winnipeg, 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 Winnipeg here.
OPTIONS FOR A CONSUMER PROPOSAL IN WINNIPEG, MB
To file a consumer proposal, Winnipeg, MB 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 Winnipeg, MB 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 Winnipeg, MB today.
HOW BANKRUPTCY WORKS IN WINNIPEG, MB
Many people living in Winnipeg, MB 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 Winnipeg, MB call us to speak with a professional who can help.
YOU ARE NOT ALONE
In 2021, 1201 Winnipeg residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $16,116 but now have the help they need to get their finances, and their life, back on track.
Resources available in Winnipeg, MB 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:
Winnipeg Portage Place Service Canada Centre
393 Portage Avenue
– Unemployment Assistance
– Child Benefits
– Senior Assistance
CRA – Canadian Revenue Agency
325 Broadway, Winnipeg, MB R3C 4T4
Winnipeg Veterans Affairs
400 Ellice Avenue, 3rd Floor
Winnipeg, Manitoba R3B 3M3
Better Business Bureau of Manitoba and Northwest Ontario
1030 Empress St,
Winnipeg, MB R3G 3H4
Food Bank – Winnipeg Harvest
1085 Winnipeg Ave,
Winnipeg, MB R3E 0S2
Mental Health Education Resource Centre of Manitoba
100-4 Fort Street,
Winnipeg, Manitoba R3C 1C4
51 Morrow Ave,
Winnipeg, Manitoba MB R2M 1A5,
Debt Consolidation Loans
Debt Relief Loans
Helping residents of Winnipeg and the surrounding locations: Selkirk, Beausejour, Steinbach, Morris, Carman, Elm Creek, Starbuck, Headingley, Portage and La Prairie
Insolvency stats for Winnipeg
WINNIPEG, MANITOBA QUARTERLY DATA FROM 2022 & 2021
|Q3 ’22||Q2 ’22||Q1 ’22||Q4 ’21|
|WINNIPEG IN TOTAL||432||443||344||409|
ANNUAL CONSUMER INSOLVENCY RATES IN MANITOBA
(Per 1,000 Population Aged 18 Years and Older)
DATA FROM 2020 IN WINNIPEG, MANITOBA
|AVERAGE CREDIT SCORE||638|
|AVERAGE HOME PRICE||$300,011|
|TOTAL INSOLVENCIES:||1,649 *(- 22%)|
|AV ASSETS / INSOLVENCY||$102,481 (+ $4,979)|
|AV LIABILITIES / INSOLVENCY||$120,582 (- $8,644)|
|DEBT RATIO:||118% (- 15%)|
|BANKRUPTCIES||477 *(- 75%)|
|AV ASSETS||$56,466 (- $3,822)|
|AV LIABILITIES||$122,396 (- $6,783)|
|DEBT RATIO:||217% (+ 3%)|
|CONSUMER PROPOSALS||1172 *(- 1%)|
|AV ASSETS||$121,209 (- $2,484)|
|AV LIABILITIES||$119,844 (- $9,415)|
|DEBT RATIO:||99% (- 5%)|
*() change from 2019
Winnipeg is the capital of Manitoba, located in the heart of the nation. More specifically, it’s at the junction of Assiniboine and Red Rivers, now referred to as “The Forks.” The city was named after Lake Winnipeg, a name meaning “muddy water” in Western Cree.
Its history is rich in trading among Indigenous people, but then became a destination for many Europeans who settled there with the first French-built trading fort constructed in 1738. Winnipeg became a city in 1873 and is now not only the biggest city in Manitoba but its capital, too.
WHAT STANDS OUT?
Thanks to Winnipeg’s rich history and current cultural climate, it is known as the Cultural Capital of Canada. Today, there are 26 National Historic Sites of Canada in this city, including The Forks, which draws in millions of visitors every year. The oldest public art gallery in Western Canada – Winnipeg ArtGallery – features the most extensive public collection of Inuit art in the world. Winnipeg has also been the site of several Hollywood films, including Shall We Dance?, Capote, and The Assassination of Jesse Jamesby the Coward Robert Ford.
Winnipeg has a bustling and diversified economy and serves as Manitoba’s economic base. Much of the employment in Winnipeg stems from the trade, manufacturing, education, and health care sectors. Some of the biggest employers in Winnipeg include government entities, Shaw Communications, Manitoba Telecom Services, Great-West Life Assurance, Boeing Canada Technology, Canada Goose, and Investors Group.
NOTABLE WINNIPEG LOCATIONS
These days, Winnipeg is known for many sites and sounds, many of which are rooted in its rich history. The historic site, The Forks, is now home to many converted warehouses that are now restaurants and shops. This location is also the site of many concerts, festivals, and exhibits that take place throughout the year.
Nearby Assiniboine Park offers plenty of green space, and Assiniboine Zoo is a popular attraction for locals and visitors alike. The Exchange District is also a well-known spot that features historic early 20th-century structures and many art galleries.
CURRENT FINANCIAL STATUS
Recent events have weakened Winnipeg’s economy, as well as that of the overall province. Among the most pressing issues affecting the economy is the completion of many large-scale construction projects across the area. The region is also seeing a lull in job growth and weak wage increases as well. Today, nearly 750,000 people call Winnipeg home, making it the province’s largest city and the country’s seventh-largest city.