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 Brantford, ON

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.

If you live in Brantford 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 Brantford 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 Brantford?

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

Debt Consolidation Options in Brantford

As a citizen living in Brantford, 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 Brantford, ON here.

Options for a Consumer Proposal in Brantford

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

How Bankruptcy works in Brantford, ON

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

YOU ARE NOT ALONE

In 2020, 183 Brantford residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $15,664 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Brantford, 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:

Brantford Service Canada Centre
195 Henry Street, Unit 6B
Brantford, Ontario
Available Services:
- Unemployment Assistance
- Child Benefits
- Senior Assistance

Royal Canadian Legion
9 Toll Gate Rd,
Brantford, ON N3R 4Z4
(519) 752-6668

CRA - Canadian Revenue Agency
55 Bay St N, Hamilton, ON L8R 3L4
(905) 546-1615

Brantford Food Bank
1100 Clarence St S,
Brantford, ON N3S 7N8
(519) 751-4357

Canadian Mental Health Association
44 King St,
Brantford, ON N3T 3C7
(519) 752-2998

Brantford Chamber Of Commerce
77 Charlotte St,
Brantford, ON N3T 2W8
(519) 753-2617

The Salvation Army Brantford Community Church
33 Diana Ave,
Brantford, ON N3T 0C2
(519) 752-7813

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 Brantford and the surrounding locations including: Tutela Heights, Brant, Langford, Caledonia, Osborne Corners, Saint George, Paris, Simcoe, Port Dover

Insolvency Stats for Brantford

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 14 20 30
Consumer Proposals 84 57 97
Brantford in Total 98 77 127

 

Data from 2019 in Brantford, ON

2019 Data
Population 97,496
Average Credit Score -
Median Income $79,480
Average Home Price $297,094
Median Mortgage -
Unemployment Rate 6.9%
Insolvency
Total Insolvencies: 467 *(+25.5%)
Av Assets / Insolvency $60,988
Av Liabilities / Insolvency $76,346
Debt Ratio: 125%
Bankruptcy
Bankruptcies 140 *(+8.5%)
Av Assets $21,098
Av Liabilities $74,782
Debt Ratio: 354%
Consumer Proposals
Consumer Proposals 327 *(+34.6%)
Av Assets $78,067
Av Liabilities $77,016
Debt Ratio: 99%

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

About Brantford

A Brief History of Brantford

Brantford was originally called “Brant’s Ford,” named after Joseph Brant, a famous Mohawk chief. He was granted the site in 1784 for the Six Nations settlement at the end of the American Revolution. Brantford has a closely tied history with First Nations citizens. Many of Brant’s descendants live on the Six Nations of the Grand River Reserve. Located within 20 kilometers of Brantford, it is the highest populated reserve in Canada.
Similar to Barrie, Brantford served as a stop on the Underground Railroad, providing freedom to American slaves. Many of these freed slaves resided near Murray Street and in Cainsville.
When Europeans settled further up the Grand River in 1847, they called their new village Brantford and the name has stuck ever since.

What is unique about Brantford?

Located in southwestern Ontario, Brantford was founded on the Grand River. It has a population of over 100,000 that continues to grow.
The city has plenty of unique sights to see, including the Brantford Twin Valley Zoo, featuring bears, lions and wolves.
If you’re looking to learn about Canada’s military history and can’t make it up to Ottawa, the Canadian Military Heritage Museum in Brantford is a great place to visit. This spacious museum features artifacts related to Canada’s storied military history.
If you have a green thumb, visit Glenhyrst Art Gallery and Gardens. This 16-acre park on the banks of the Grand River has a gallery featuring contemporary art exhibits.

What’s Brantford Famous for?

Brantford is nicknamed the “Telephone City,” as it’s the invention place of the telephone. Alexander Graham Bell invented the telephone there while he was living at his father’s homestead, previously Melville House, now the Bell Homestead. Today, the Bell Homestead hosts a museum where you can learn about the history of the telephone.
Another famous resident of Brantford is none other than hockey legend Wayne Gretzky, who was born and raised in the city. He learned to play hockey in a backyard rink there. To honour Gretzky, a 12-foot bronze statue was installed in front of the Wayne Gretzky Sports Centre. It has him hoisting up the Stanley Cup in an Edmonton Oilers hockey jersey.

What are the Large Economic Drivers?

Brantford’s economy is diverse. Today, the city is home to a wide range of businesses and industries. Some of the key sectors in Brantford include:

  • Advanced manufacturing
  • Warehousing and distribution
  • Films
  • Television and digital media
  • Food and beverage
  • Plastic and rubber products

In 2018 alone, the city welcomed 15 new industrial firms, creating 194 new jobs.

Recent Changes that May have Changed the Economic Outlook

Similar to Hamilton and other manufacturing cities, Brantford’s economy went through some tough times in the 1980s and ‘90s. At the time, some large employers, including White Farm Equipment, Massey-Ferguson, and Koering-Waterous filed for bankruptcy.
Despite the difficult times, Brantford has really turned its economy around in recent years. Today, its unemployment rate is below that of the rest of Ontario.
Much of resurgence is due to the extension of Highway 403 to Brantford in 1997. The newfound easy access to Brantford encouraged businesses to open up shop there. In 2004, Procter & Gamble and Ferrero opened in Brantford, followed by SC Johnson and Gunther Mele.

Sources:

  • https://www.advantagebrantford.ca/
  • https://www.brantfordexpositor.ca/
  • https://www.britannica.com/place/Barrie
  • https://www.britannica.com/
  • https://www.thespec.com/
  • https://www.tripadvisor.ca/
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