Debt Relief in Action
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!
If you need credit counselling services in Fredericton, Debt.ca helps locals get out of debt. Not only do we help with credit, but we also have a range of programs that can help reduce your debt. With so many Fredericton area locals in need of help, we encourage you to increase your financial literacy with us.
If you live in Fredericton and cannot pay your bills, then credit counselling may be the answer you are looking for. A debt settlement program or credit counselling services in Fredericton can help you get out from under your debt in a few years.
Residents of Fredericton 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 Fredericton 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 debt in lieu of enrolling in a debt management plan. Speak to a counsellor in Fredericton to determine if a DMP is the right option for you.
As a citizen living in Fredericton, 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 unsecure 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 Fredericton here.
To file a consumer proposal, Fredericton NB 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 Fredericton NB, individuals must know 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 Fredericton today.
Many people living in Fredericton 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 the bankruptcy. If you’re thinking about filing for bankruptcy in Fredericton call us to speak with a professional who can help.
In 2020, 140 Fredericton residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $24,229 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:
New Brunswick Service Canada Centre
1133 Regent St, Suite 200
Fredericton, NB E3B 3Z2
- Unemployment Assistance
- Child Benefits
- Senior Assistance
Social Development - New Brunswick
Veterans Affairs Canada
126 Prince William St Suite 14A
Saint John, NB E2L 2B6
The Salvation Army
275 Main St
Fredericton, NB E3A 1E1
Fredericton Housing First Services
294 Main St
Fredericton, NB E3A 1E1
Horizon's Fredericton Addictions & Mental Health Services
65 Brunswick St
Debt Consolidation Loans
Debt Relief Loans
Consumer Proposal Loans
Helping residents of Fredericton and the surrounding locations: McLeod Hill, Penniac, Noonan, Oromocto, Upper Maugerville, Hanwell, New Maryland, Rusagonis, French Village, Kingsclear, Woodstock, Hartland, Saint John, Moncton
|Average Credit Score||628|
|Average Home Price||$224,785|
|Total Insolvencies:||486 (- 78%)|
|Av Assets / Insolvency||$69,054 (- $13,863)|
|Av Liabilities / Insolvency||$102,416 (- $11,484)|
|Debt Ratio:||148% (+ 11%)|
|Bankruptcies||234 (- 77%)|
|Av Assets||$47,660 (- $10,276)|
|Av Liabilities||$98,349 (- $15,980)|
|Debt Ratio:||206% (+ 9%)|
|Consumer Proposals||252 (- 79%)|
|Av Assets||$88,920 (- $16,192)|
|Av Liabilities||$106,192 (- $7,312)|
|Debt Ratio:||119% (+12%)|
*() change from 2019
Insolvency data is for Fredericton / Oromocto Region
Founded by French-speaking Acadians around 1692, Fredericton seems far more English today due to the Loyalists who settled in the region fleeing the American Revolution. Originally known as Ste. Anne's Point, the name changed to "Fredericstown," after the son of King George III. The name quickly changed, once again, to the shorter "Fredericton." Incorporated as a city in 1848, Fredericton also has the highest rate of habitants with post-secondary education throughout the province.
Known as “the City at the Edge of Nature,” New Brunswick’s capital city houses a population of 58,220 Canadians and 88 kilometres of hiking trails along the Saint John River. Nicknames for Fredericton include "the City of Stately Elms" and “the Celestial City.” It boasts the advantages of a big city while remaining affordable and surrounded by nature. It hosts the annual Harvest Jazz & Blues Festival, which becomes a hub for musicians from around the world. Also known as “the Poets’ Corner of Canada,” Fredericton is the birthplace of poets such as Bliss Carman and Francis Joseph Sherman.
Fredericton and the surrounding region offers visitors and residents a wide variety of unique experiences that cannot be found anywhere else. Its most notable attractions include:
• The Historic Garrison District
• Science East
• King's Landing
• New Brunswick Legislative Assembly
• The Beaverbrook Art Gallery
• Trans Canada Trail
• Christ Church Cathedral
The church was built between 1845 and 1853, and now stands as a National Historic Site, being the first Gothic Revival cathedral built in North America. Fredericton is also considered to be the startup capital of Atlantic Canada!
Fredericton utilizes its own ultra-high-speed gigabit fibre network, with the most affordable commercial internet in Canada. Fredericton’s research community and ICT business are key drivers of the economy. The city also serves as the headquarters for NB Power, an agency accountable for electricity generation, transmission, and distribution. There are many universities and colleges that are essential to the economy of the city. Priority sectors include: arts & culture, communications & information technologies, research & education, engineering, and biosciences.
There is a strong presence of provincial and federal governments providing civil service employment and economic activity. The combination of strategic funding/planning completely transformed the economy of Fredericton over the past decade, by focusing on expanding, and attracting the appropriate businesses to the community. The corporation, Ignite Fredericton, also stimulates economic growth by advocating for businesses and entrepreneurs to locate and thrive in the Fredericton region.