Debt Relief in Action
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!
For those looking for credit counselling services in Mississauga, look no further. 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 Mississauga and cannot pay your bills on time, then credit counselling may be the solution for you. A quality Mississauga credit counselling program can help you get out from under your debt and shore up your financial future at the same time.
Residents of Mississauga 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 Mississauga, 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 Mississauga, ON to determine if a DMP is the right option for you.
As a citizen living in Mississauga, 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 Mississauga here.
To file a consumer proposal, Mississauga 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 Mississauga, 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 Mississauga, ON today.
Many people living in Mississauga 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 Mississauga, ON call us to speak with a professional who can help.
In 2021, 570 Mississauga residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $16,560 but now have the help they need to get their finances, and their life, back on track.
Aside from credit counselling services in Mississauga, there are many other services available in the area. If you are struggling to make ends meet, there are several national, state, local government agencies, along with non-profit organizations, you can turn to:
Mississauga Service Canada Centre
3085A Glen Erin Drive
- Unemployment Assistance
- Child Benefits
- Senior Assistance
CRA - Canadian Revenue Agency
5800 Hurontario St,
Mississauga, ON L5R 4B4
Mississauga Veterans Affairs
5800 Hurontario Street
Better Business Bureau Of Central Ontario
30 Duke Street West
Kitchener, ON N2H 3W5
Good Shepherd Venture Center Food Bank
3121 Universal Dr,
Mississauga, ON L4X 2E2
Mental Health Services for Children & Youth
85 A Aventura Ct
Mississauga, ON L5T 2Y6,
Goodwill Career Centre
2387 Trafalgar Rd
Oakville, ON L6H 6K7
Debt Consolidation Loans
Loans Canada - Debt Relief Loans
Home Equity Loan for Debt Consolidation
Morgix - HELOC Loans
Marble Financial - Consumer Proposal Loans
Credit Reports & Monitoring
Credit Counselling Resources in Additional Ontario Cities:
Helping residents of Mississauga and the surrounding locations including Oakville, Etobicoke, Milton, Brampton
|Average Credit Score||671|
|Average Home Price||$921,000|
|Avg. Non-Mortgage Debt||$23,047|
|Total Insolvencies:||15,241 (- 25%)|
|Av Assets / Insolvency||$59,917 (- $4,944)|
|Av Liabilities / Insolvency||$92,202 (- $9,555)|
|Debt Ratio:||154% (- 3%)|
|Av Assets||$22,479 (- $3,879)|
|Av Liabilities||$111,900 (- $7,316)|
|Debt Ratio:||498% (+ 46%)|
|Consumer Proposals||11,809 (-18%)|
|Av Assets||$70,797 (- $8,327)|
|Av Liabilities||$86,477 (- $8,812)|
|Debt Ratio:||122% (+ 2%)|
* % change from 2019
Insolvency stats are for the Greater Toronto Metro area
Located directly west of Toronto, Mississauga is Canada’s sixth-largest city. Mississauga, along with neighbouring Brampton, is part of Peel Region and are both cities that make up the Greater Toronto Area. The city is only a 30-minute drive from downtown Toronto and a 90-minute drive to the U.S. border. Mississauga is also home to Toronto Pearson International Airport, Canada’s largest airport. With 41 million passengers visiting it each year, Pearson is Canada’s busiest airport. Perhaps Mississauga’s most well-known resident is the former mayor Hazel McCallion, who was in office for 36 years before stepping down in 2014 at 93 years old.
Mississauga’s history goes back over 200 years before European settlers. At the beginning of the 17th century, French traders met some native people, known as the “Mississaugas,” near the north shore of Lake Huron. The Mississaugas later travelled south in the 18th century and settled around the Credit River, where Mississauga is today. “Mississauga” is native to the “River of the North of Many Mouths. ”Mississauga is a relatively new town. The Town of Mississauga came about in 1968. Six years later, the City of Mississauga was established in 1974, amalgamating the Town of Mississauga, Port Credit and Streetsville together with Toronto Gore and Trafalgar.
Toronto may have the CN Towers, but Mississauga has the Absolute Towers. Nicknamed “Marilyn Monroe” due to their sheer beauty and many admirers, the Absolute Towers are two towers that stand out in the heart of Mississauga. Mississauga is also home to Canada’s second-largest shopping mall. Square One has over 330 shops, restaurants and entertainment options to enjoy and is open 362 days a year. It’s home to trendy retailers like Club Monaco, Harry Rosen, and Urban Outfitters. Mississauga fun fact: Colonel Sanders, the founder of the fast-food chain KFC, lived in Mississauga for 15 years from 1965 to 1980. He’d frequently visit the KFC at the bottom of Tomken.
Unlike some cities and towns that rely on one industry, Mississauga’s economy is diverse. It is home to many sectors, including aerospace, automotive, cleantech, financial services, food & beverage, IT and life sciences. Despite only providing 28 percent of employment, these sectors account for over 40 percent of Mississauga’s total economic output.
Mississauga faces many of the same challenges as neighbouring Toronto. Its manufacturing sector faces competition from countries that have lower wages and aren’t required to pay their workers benefits. As part of the Greater Toronto Area (GTA), it has the 2nd largest financial services sector in North America. GTA’s financial sector has over 600 companies and employs over 33,000 workers. Despite the challenges in manufacturing, the aerospace and automotive industries continue to grow and thrive in Mississauga. It’s home to Canada’s largest aerospace and automotive cluster.