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 Yellowknife, NT

While debt levels are rising across Canada, the average rate of financial delinquencies due to consumer debt remains relatively low in the Northwest Territories. Nevertheless, this is no reason to assume that it is wise to carry a large amount of consumer debt. If you live in Yellowknife 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 Yellowknife 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 Yellowknife?

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

Debt Consolidation Options in Yellowknife

As a citizen living in Yellowknife, 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 Yellowknife here.

Options for a Consumer Proposal in Yellowknife

To file a consumer proposal, Yellowknife 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 Yellowknife, 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 Yellowknife today.

How Bankruptcy works in Yellowknife

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

You are not alone

In 2020 45 Yellowknife residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $43,854 but now have the help they need to get their finances, and their life, back on track. See how we can help you get your debt back under control.

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Resources Available in Yellowknife, NT 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:

Yellowknife Service Canada Centre
Greenstone Building,
5101 Franklin Ave Main Floor
Yellowknife, NT X1A 2N8

- Unemployment Assistance
- Child Benefits
- Senior Assistance

Royal Canadian Legion
4511 Franklin Ave,
Yellowknife, NT
(519) 752-6668

CRA – Canadian Revenue Agency
Greenstone Building,
5101 Franklin Ave Main Floor
Yellowknife, NT X1A 2N8

Yellowknife Food Bank
6 Coronation Dr
Yellowknife, NT X1A 3Y2,
(867) 765-5003

Northstar Centre For Counselling & Psychological Services
4817 49 St Suite 205,
Yellowknife, NT X1A 3S7,
(867) 873-3600

Brantford Chamber Of Commerce
23 Mitchell Dr
Yellowknife, NT X1A 2N8
(867) 920-9505

Salvation Army NWT Resource Centre
4925 45 St,
Yellowknife, NT X1A 2P5
(519) 752-7813

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

Insolvency Stats for Yellowknife

Data from 2019 for the Northwest Territories

2019 Data
Population 44,826
Average Credit Score -
Median Income $62,068
Average Home Price $509,542
Median Mortgage -
Unemployment Rate 6.9%
Insolvency
Total Insolvencies: 68 *(-12.8%)
Av Assets / Insolvency $181,409
Av Liabilities / Insolvency $155,433
Debt Ratio: 117%
Bankruptcy
Bankruptcies 10 *(-76%)
Av Assets $77,135
Av Liabilities $119,528
Debt Ratio: 155%
Consumer Proposals
Consumer Proposals 58 *(+61%)
Av Assets $199,387
Av Liabilities $161,624
Debt Ratio: 81%

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About Yellowknife

Yellowknife is the capital of the Northwest Territories, near Great Slave Lake in the rocky Canadian Shield. The city is about 400km south of the Arctic Circle. The town was once famous for its gold mining camps. Today, it is a more modern city with many government offices.

A Brief History of Yellowknife

The Dene people were the first people to settle in Yellowknife in the early 1800s. The city was named Yellowknife after copper knives that these people used. By 1898, a prospector named E.A. Blakeney first discovered gold in the Yellowknife Bay area. By the 1930s, more prospectors arrived. They were looking to mine gold.
By the 1930s, gold mining became very popular in the area. Many businesses opened, and many miners settled. The tent city started to become more of a town. The population of Yellowknife grew fast as a result. By 1940, the population reached 1,000. By 1942, five gold mines were open in the region.
After the Second World War, there was a gold mine rush following the discovery of gold deposits. By 1953, the city was made a municipality with its own town hall and council.
In 1967, Yellowknife became the capital of the Northwest Territories. In 1970, it was named a city. This new status helped the city grow even more, with the development of new subdivisions to accommodate the many people moving into the city.
Today, there is no more gold mining in Yellowknife. However, there is diamond mining

Famous and Notable Yellowknife Attractions

Yellowknife is known for its gold mining camps. The city still has traits of its gold mining history, but more for diamonds and minerals. Today, Yellowknife is known as a more modern city. There are many people from different backgrounds who now live here.
A farmer's market takes place every summer in Yellowknife. The Prince of Wales Northern Heritage Centre is a famous museum. There are also many art galleries in the city.
Yellowknife is also known for its perfect location to see the Northern Lights. This is because it is in the middle of the "Aurora Belt." Because of this, thousands of tourists visit the city every year.

Economy of Yellowknife

The major economic sectors in Yellowknife are mining and government. Many people in the city work in one of these two industries. Gold was first mined a lot in Yellowknife. By the 1990s, diamond mining became more popular. Diamond mines are close to being depleted. Because of this, this sector may start focusing more on mineral mining.
Government offices are also significant employers. That's because Yellowknife is the capital, with most provincial and federal government offices are in this city. Tourism is also growing as an industry, with many jobs available in this sector.

Things That May Have Changed Yellowknife's Economy

Yellowknife is more of a government town after the last gold mines closed in 2004. The city is a service centre for the diamond and mineral mines, with big companies like De Beers and Rio Tinto moving into the area. These big companies, tourism, and government offices make up a good percentage of the work in the city.

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