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 Kingston, 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 Kingston 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 Kingston credit counselling program can help you get out from under your debt and shore up your financial future at the same time. We also can offer assistance with Debt Settlement or a Consumer Proposal and even bankruptcy.

Would a DMP work for residents of Kingston, ON?

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

Debt Consolidation Options in Kingston

As a citizen living in Kingston, 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 Kingston here.

Options for a Consumer Proposal in Kingston, ON

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

How Bankruptcy works in Kingston

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

You are not alone

In 2020, 176 Kingston residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $16,991 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Kingston, ON 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:

Kingston Service Canada Centre
1300 Bath Rd #1
Kingston, ON K7M 4X4
Available Services:
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA - Canadian Revenue Agency
1475 John Counter Blvd #102
Kingston, ON K7M 0E6

Kingston Veterans Affairs
61 Hyperion Ct
Kingston, ON K7K 7K7
(866) 522-2122

Partners In Mission Food Bank
140 Hickson Ave
Kingston, ON K7K 2N6
(613) 544-4534

Canadian Mental Health Association
00 Elliott Ave #11
Kingston, ON K7K 6M9
(613) 549-7027

The Salvation Army
275 Ontario St
Kingston, ON K7L 1A4

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


Credit Counselling Resources in Additional Ontario Cities:

Insolvency Stats for Kingston

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 42 27 49
Consumer Proposals 82 53 99
Kingston in Total 124 80 148

 

 

Annual Consumer Insolvency Rates in Ontario

(Per 1,000 Population Aged 18 Years and Older)

Ontario
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Insolvency 5.5 4.8 4.5 4.1 3.8 3.7 3.6 3.4 3.4 3.8
Bankruptcy 3.2 2.4 2.2 2.0 1.8 1.6 1.5 1.4 1.3 1.4
Proposal 2.3 2.4 2.3 2.1 2.0 2.0 2.1 2.0 2.1 2.6
Kingston – Pembroke
Insolvency 5.6 5.1 4.9 5.0 4.6 4.7 4.6 4.4 4.3 4.8
Bankruptcy 3.8 3.4 3.0 2.8 2.4 2.4 2.2 1.8 1.9 1.8
Proposal 1.8 1.7 1.8 2.1 2.1 2.2 2.4 2.6 2.4 3.1

Data from 2020 in Kingston, Ontario

2020 Data
Population 136,685
Unemployment Rate 4.4%
Median Income $62,652
Median Home Price $335,400
Insolvency
Total Insolvencies: 1,199 *(- 50%)
Av Assets / Insolvency $62,764 (- $8,270)
Av Liabilities / Insolvency $84,576 (- $15,845)
Debt Ratio: 135% (- 6%)
Bankruptcy
Bankruptcies 379 *(- 73%)
Av Assets $31,752 (- $3,248)
Av Liabilities $87,711 (- $20,964)
Debt Ratio: 276% (- 35%)
Consumer Proposals
Consumer Proposals 820 (- 39%)
Av Assets $77,097 (- $14,608)
Av Liabilities $83,127 (- $12,558)
Debt Ratio: 108% (+ 4%)

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


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About Kingston

What is Unique about Kingston?

Kingston is a city located in Eastern Ontario. It’s at the east end of Lake Ontario at the mouth of the St. Lawrence River. It’s halfway between Canada’s two most populous cities Toronto, Ontario and Montreal, Quebec. Kingston is a sizable city by Ontario standards. Almost half a million people live in Kingston.

Kingston has earned the nickname the “Limestone City” because many of its buildings are made of limestone.
Kingston has the distinction of being the first capital of the United Province of Canada. Although it was the only capital between 1841 and 1844, it continued to be a significant military installation. The Queen of England would go on to choose Ottawa as the capital, as she felt Kingston was too close to the border with the United States and could quickly come under attack.

Kingston's History

Kingston is an area inhabited by human beings as far back as 9,000 years ago. Evidence suggests that Indigenous people started living in the area that would later become Kingston around the year 500.
The French became the first European settlers to arrive in Kingston, establishing an outpost there. Kingston soon became a hotspot for fur trading. To help establish its dominance over the area, the French built Fort Cataraqui, which would later be known as Fort Frontenac.
In the infamous War of 1812 between the British and the Americans, Kingston played an important role. It acted as a significant military centre for the British forces. It was at this time Fort Henry was built to help protect the British Navy. Fort Henry remains in Kingston to this day and is a major tourist attraction.

What is Kingston Famous For?

The original name of Kinston is Cataraqui. There’s plenty of speculation regarding the name's origin. Some historians say it’s from an Iroquois word that means “the place where one hides.” It may also come from a variation of Indigenous words that mean “impregnable,” “muddy river,” and “place of retreat,” among other things.
In 1787 Cataraqui started going by the name of “King’s Town.” This was to honour King George III of Great Britain. The following year the name was shortened to “Kingston.” The Cataraqui name still lives on, though. An area of Kingston at the intersection of Princess Street and Sydenham Road is still known as Cataraqui. There is also a municipal electoral district bearing this name.

What Are the Large Economic Drivers?

Kingston’s economy relies a lot on the public sector. The most significant economic drivers include health care, post-secondary education and government. Other industries that play an essential yet smaller role in Kingston’s economy include culture, tourism, manufacturing, and research and development.
Similar to other Canadian cities, Kingston’s economy has continually evolved over the years. Despite the closure of some big employers, including Alcan and DuPont, the economy in Kingston is still thriving.

Recent Changes That May Have Changed the Economic Outlook

Due to its proximity to Toronto, Montreal, Ottawa and Syracuse, Kingston has become a popular place for warehouses for trucking and logistics companies.
Today, the major employers in Kingston are Canadian Forces Base Kingston, Queen’s University, Kingston General Hospital and the Limestone District School Board.
Kingston is quite different from its surrounding areas. While the surrounding area focuses on agriculture, Kingston focuses on the public sector.

Sources:

  • https://www12.statcan.gc.ca
  • https://www.thecanadianencyclopedia.ca
  • https://www.visitkingston.ca
  • http://kingstonheritage.ca/
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