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 Guelph, 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 Guelph 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 Guelph 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 Guelph, ON?

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

Debt Consolidation Options in Guelph, ON

As a citizen living in Guelph, ON 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 Guelph here.

Options for a Consumer Proposal in Guelph

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

How Bankruptcy works in Guelph

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

You are not alone

In 2020, 170 Guelph residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $18,666 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Guelph, 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 to:

Guelph Service Canada Centre
259 Woodlawn Road West, Suite C
Guelph, Ontario
Available Services:
- Unemployment Assistance
- Child Benefits
- Senior Assistance

The Royal Canadian Legion Guelph
57 Watson Pkwy S,
Guelph, ON N1L 1E3
(519) 822 1565

CRA - Canadian Revenue Agency
166 Frederick St,
Kitchener, ON N2H 0A9
(519) 5792512

Homewood Health Mental Health Services
49 Emma St #100,
Guelph, ON N1E 6X1
(519) 821-9258

Central Ontario Better Business Bureau
30 Duke St W #903
Kitchener, ON N2H 3W5
(519) 5793080

Goodwill Community Store & Donation Centre
340 Woodlawn Rd W
Guelph, ON N1H 7K6
(519) 767-1800

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 Guelph and the surrounding locations including Glenchristie, Mosborough, Aberfoyle, Arkell, Eden Mills, Ariss, Morristown, Fergus, Elora.

Insolvency Stats for Guelph

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 21 19 53
Consumer Proposals 62 34 81
Guelph in Total 83 53 134

 

Data from 2020 in Guelph, ON

2020 Data
Population 131,794
Average Credit Score -
Median Income $77,984
Average Home Price $599,900
Median Mortgage -
Avg. Non-Mortgage Debt -
Insolvency
Total Insolvencies: 317 *(- 44%)
Av Assets / Insolvency $48,119 (- $5,971)
Av Liabilities / Insolvency $71,563 (- $6,000)
Debt Ratio: 149% (+ 6%)
Bankruptcy
Bankruptcies 93 *(- 102%)
Av Assets $26,862 (+ $8,073)
Av Liabilities $68,257 (- $5,359)
Debt Ratio: 254% (- 138%)
Consumer Proposals
Consumer Proposals 224 *(- 20%)
Av Assets $56,945 (- $21,909)
Av Liabilities $72,935 (- $7,397)
Debt Ratio: 128% (+ 26%)

Source: https://www.ic.gc.ca/
* % change from 2019

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About Guelph

A Brief History of Guelph

Guelph was founded in 1827 and is among one of the first planned towns in the country. It was selected as the headquarters of the "Canada Company" by John Galt, the company's first superintendent. Halt designed Guelph to draw in settlers and was instrumental in colonizing Upper Canada.

It took a long time for Guelph to grow past its town size. It wasn't until the Grand Trunk Railroad reached Guelph from Toronto in 1856 that it started to grow. Following this development, most buildings were built by local architects, as well as some high-profile architects from Toronto.

What is Unique about Guelph?

Located in Southwestern Ontario about 100km west of Toronto's downtown core, Guelph is situated at the junction of Highways 6 and Highway 7, and Wellington County Road 124. It is perched on the traditional lands of the Mississaugas of the Credit First Nation.

Guelph is known as the “Royal City” and was named to honour the Hanoverians. This was a royal family of Britain who descended from the "Guelfs," the ancestors of George IV.

Guelph is considered to be one of the best places to live in Canada. This is thanks to the city's high standard of living, low crime rates, employment opportunities, and close proximity to Toronto.

What is Guelph Famous for?

Toronto might be home to the University of Toronto, but Guelph has the University of Guelph. This post-secondary education institution is well-renowned as one of the best universities in Canada. It boasts extensive research activities and diverse undergraduate and graduate programs.

Perhaps most well-known about the university is its veterinarian program, Ontario Veterinary College, which is the oldest veterinary school in Canada. It is only one of five veterinary schools to offer the Doctor of Veterinary Medicine, in the country. The University of Guelph is also known for its strong sense of community on campus.

Guelph has a unique cultural landscape. Locals and visitors enjoy visiting downtown Guelph, with many streets lined with picturesque Victorian-era buildings. There are several outdoor attractions that people flock to throughout the year, including Guelph Lake, the University of Guelph Arboretum, Riverside Park, and Hanlon Creek Preservation Park.

Guelph is also home to several festivals that take place throughout the year, such as the Guelph Contemporary Dance Festival, Guelph Jazz Festival, Guelph Film Festival, and Festival Italiano, among others.

Economic Developments

Guelph's economy has grown very quickly over the past few years and is considered the fastest growing economy among mid-sized cities in Canada.

The city's biggest economic driver is in the manufacturing sector, with auto parts manufacturing being the most significant sector. Other notable sectors in Guelph include the education and movie and television filming industries.

Recent Changes That May Have Changed the Economic Outlook

As mentioned, Guelph's economy is among the fastest-growing in the country. It is expected to continue on this path thanks to a very robust manufacturing sector.

This industry is benefitting from a below-par Canadian dollar and lots of continued demand from the US. Guelph’s trade sector is also making impressive gains, which is also contributing to the city's ongoing strength and growth in the local economy.