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 SERVICES IN Barrie, Ontario

Ontario may be the largest Canadian province in terms of population, but its residents are fortunate that they do not carry the largest average amount of consumer debt per capita. As of the end of Q1 2019, residents of Ontario had an average debt level of just under $24,032, up 4.5% from the same period in 2018 but down from the peaks earlier in the decade. These debt levels are comparable with other major provinces around the country however well under the highest debt laden province which is Alberta.

Unfortunately the picture is not all roses for the residents of Barrie as they currently have the highest unemployment rate (8.8%) in all of Canada.

If you live in Barrie 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 Barrie 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 Barrie, Ontario

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

Debt Consolidation Options in Barrie, Ontario

As a citizen living in Barrie, Ontario 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 Barrie, Ontario here.

Options for a Consumer Proposal in Barrie, Ontario

To file a consumer proposal, Barrie 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.

p> To qualify for a consumer proposal in Barrie, Ontario 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 Barrie today.

How Bankruptcy works in Barrie, Ontario

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

YOU ARE NOT ALONE

In 2020, 254 Barrie residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $19,425 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Barrie, Ontario 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:

Barrie Service Canada Centre
48 Owen Street, Floor 1
Barrie, Ontario
Available Services:
- Unemployment Assistance
- Child Benefits
- Senior Assistance

Veterans Affairs Canada
ANAF Club, 52 Morrow Rd
Barrie, ON L4N 3V8
(705) 728-6224

CRA - Canadian Revenue Agency
81 Mulcaster St
Barrie, ON L4M 6T7
(800) 959-8281

Barrie Food Bank
42 Anne St S, Unit 2,
Barrie, ON L4N 2C9
(705) 725-1818
https://www.barriefoodbank.org/

Canadian Mental Health Association
128 Anne St S,
Barrie, ON L4N 6A2
(705) 875-8248

Barrie Chamber Of Commerce
121 Commerce Park Dr Unit A,
Barrie, ON L4N 8X1
(705) 721-5000

The Salvation Army Bayside Mission Centre
16 Bayfield St,
Barrie, ON L4M 3A4
(705) 728-3737

Employment Ontario
https://www.ontario.ca/page/employment-ontario
(416) 326-5656

Debt Consolidation Loans
Loans Canada - Debt Relief Loans

Home Equity Loan for Debt Consolidation
Morgix - HELOC Loans

Consumer Proposal
Marble Financial - 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 Ontario Cities:

 

Helping residents of Barrie and the surrounding locations: Gravenhurst, Orillia, Midland, Penetanguishene, Coldwater, Collingwood, Wasaga Beach, Midhurst

Insolvency Stats for Barrie

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 38 29 69
Consumer Proposals 118 106 188
Barrie in Total 156 135 257

 

Data from 2019 in Barrie, ON

2019 Data
Population 141,434
Average Credit Score -
Median Income $89,090
Average Home Price $395,996
Median Mortgage -
Unemployment Rate 7.4%
Insolvency
Total Insolvencies: 951 *(+16.7%)
Av Assets / Insolvency $66,904
Av Liabilities / Insolvency $90,250
Debt Ratio: 135%
Bankruptcy
Bankruptcies 280 *(+1.1%)
Av Assets $31,426
Av Liabilities $88,763
Debt Ratio: 282%
Consumer Proposals
Consumer Proposals 671 *(+24.7%)
Av Assets $81,708
Av Liabilities $90,870
Debt Ratio: 111%

Source: https://www.ic.gc.ca/
* % change from 2018


About Barrie

A Brief History of Barrie

Barrie started as a small group of homes and warehouses at the bottom of the Nine Mile Portage, an important aboriginal transportation route that existed long before European settlers arrived.
The city played a pivotal role in the War of 1812. During the war, it acted as a supply depot for the British forces. The Nine Mile Portage was once again in the limelight, providing a strategic path to get supplies between Fort Willow and Georgian Bay.
Barrie got its name way back in 1833 and is named after Sir Robert Barrie, who used to oversee the Canadian Naval Forces. He would often command the forces through along the Nine Mile Portage.

What is unique about Barrie?

Just 90 kilometres north of Toronto, Barrie is one of the fastest growing cities in Canada. Situated on the west shores of Lake Simcoe, Barrie has become a bedroom community of sorts for Toronto.
One of Barrie’s most unique features is without a doubt its waterfront. It has three beaches and a lovely waterfront trail to enjoy in the summertime.
If you enjoy green space, Barrie has over 300 hectares of Parkland, perfect for a picnic in warmer months.
Being in the snowbelt region of Southern Ontario, Barrie gets its fair share of snow, making it an ideal destination for the wintertime as well. Enjoy winter activities like skiing, snow tubing and snowboarding while you’re there.

What’s Barrie Famous for?

Did you know that Barrie was the last destination of a branch of the Underground Railroad? That’s right; this secret route let many American slaves enjoy freedom in Canada.
Barrie used to also be known as the Ice Capital of Canada. Before most Canadians had refrigerators and electricity in their homes, Lake Simcoe Ice from Barrie was in high demand in the late 19th century. The Lake Simcoe Ice and Fuel Company was a major supplier of ice to the city of Toronto, largely due to its high quality ice.

What are the Large Economic Drivers?

Toronto’s economic success has largely helped Barrie’s. Approximately 32 percent of residents of Barrie commute out of the city for work each day, while 28 percent commute into the city.
Barrie’s economy started out as mainly agriculture and lumber, but has shifted away from that in recent years. Tourism has become one of Barrie’s largest economic drivers. Barrie’s historic downtown and its waterfront are two popular tourist destinations. Downtown Barrie also hosts many festivals that draw in tourists, including Celebrate Barrie and Winterfest.

Recent Changes that May have Changed the Economic Outlook

Barrie has seen record-breaking economic growth in the city in recent years. In 2018, Barrie saw $43 million worth of industrial construction. In a typical year, Barrie sees maybe $6 million or $8 million, making 2018 by far its best year yet.
It’s also seeing a lot of its economic success from companies looking to grow and for newer companies setting up their head offices there. This has led to 25,000 new jobs over the last 10 years, with 8,000 created in the last few years alone.
Sources:

  • https://www.thecrazytourist.com/
  • https://www.tourismbarrie.com/
  • https://www.britannica.com/
  • https://www.realtyexecutives.com/
  • https://www.400eleven.com/
  • https://barrie.ctvnews.ca/
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