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 Ottawa, ON

Debt.ca has credit counselling services in Ottawa for families seeking financial stability. 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 Ottawa and cannot pay your bills on time, then credit counselling may be the answer you are looking for. A quality Ottawa 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 Ottawa?

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

Debt Consolidation Options in Ottawa

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

Options for a Consumer Proposal in Ottawa

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

How Bankruptcy works in Ottawa

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

YOU ARE NOT ALONE

In 2020, 467 Ottawa residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $18,849 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Ottawa, Ontario for people needing debt relief help

If you are struggling to make ends meet, there are many government solutions that can grant you help:

Ottawa Government Service Centre
110 Laurier Avenue West
Ottawa, Ontario
Available Services:
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA - Canadian Revenue Agency
333 Laurier Ave W
Ottawa, ON K1A 0L9
(800) 959-8281

Ottawa Veterans Affairs
2323 Riverside Drive
2nd Floor, Suite 1
Ottawa, Ontario
(866) 522-2122

BBB of Eastern & Northern Ontario & the Outaouais
Ottawa, ON K1V 1C1
(613) 237-4856

Ottawa Food Bank
1317 Michael St B
Gloucester, ON K1B 3M9
(613) 745-7001
https://www.ottawafoodbank.ca/

Royal Ottawa Mental Health Centre
1145 Carling Ave
Ottawa, ON K1Z 7K4
(613) 722-6521

The Salvation Army Distribution & Recycling Centre
1280 Humber Pl #6
Ottawa, ON K1B 3W3
(613) 247-1435

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:

 

Helping residents of Ottawa and the surrounding locations including Gatineau QC, Neapan, Kanata, Arnprior, Renfrew, Vanier, Cumberland, Clarence-Rockland, Orleans, Avalon, Fallingbrook, Gloucester, Hawkesbury, Smiths Falls, Merrickville, Kemptville, Winchester, Chesterville, Brockville, Prescott, Morrisburg, Perth

Insolvency Stats for Ottawa

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 253 212 445
Consumer Proposals 502 444 690
Ottawa in Total 755 656 1135

 

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
Ottawa
Insolvency 4.4 4.0 3.8 3.8 3.7 3.6 3.7 3.7 3.8 4.0
Bankruptcy 2.9 2.5 2.2 2.3 2.1 2.0 1.9 1.9 1.7 1.6
Proposal 1.5 1.5 1.5 1.5 1.5 1.6 1.7 1.9 2.1 2.4

Data from 2019 in Ottawa, Ontario

2020 Data
Population 934,243
Average Credit Score 663
Median Income $105,050
Average Home Price $373,200
Median Mortgage $
Insolvency
Total Insolvencies: 3,146 *(- 43%)
Av Assets / Insolvency $58,153 (- $15,845)
Av Liabilities / Insolvency $87,164 (- $18,166)
Debt Ratio: 150% (+ 8%)
Bankruptcy
Bankruptcies 1,083 (- 65%)
Av Assets $34,990 (- $2,429)
Av Liabilities $87,702 (- $11,347)
Debt Ratio: 251% (- 14%)
Consumer Proposals
Consumer Proposals 2,063 (- 31%)
Av Assets $70,312 (- $27,760)
Av Liabilities $86,881 (- $22,583)
Debt Ratio: 124% (+ 12%)

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

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About Ottawa

What is Unique about Ottawa?

Ottawa is Canada’s capital city. It has been our nation’s capital since 1857 when Queen Victoria chose it as the capital. Several cities were in the running for the capital of Canada, including Toronto and Kingston. However, the Queen went with Ottawa because it’s close to Quebec and away from the U.S. border, making an invasion less probable.
Ottawa may look close to Toronto on a map, but it experiences colder weather. In fact, Ottawa holds the distinction of being the seventh coldest capital city in the world.

Ottawa's History

Ottawa was first discovered by French explorer Samuel de Champlain way back in 1613 (there’s a statue that stands in the city today in his honour). John By, a resident of modern-day Ottawa, gave his name to the new settlement built there, known as Bytown at the time. Bytown was a sleepy town whose main industry was the lumber trade. The year 1854 was a major milestone for Ottawa. It’s the year the railway reached it. In 1855, it was renamed Ottawa and officially became a city. The Parliament Buildings were originally built between 1859 and 1866 with the Peace Tower being built in 1927.

What’s Ottawa Famous for?

Ottawa is famous for Winterlude, an annual winter festival. Winterlude began in 1979 by the Department of Canadian Heritage and draws hundreds of thousands of tourists each year. It features everything from ice sculptures to snow playgrounds. It also has ice skating on the Rideau Canal, the world's largest naturally frozen skating rink.

Ottawa is also known for being home to some of the best museums in Canada. The Canadian War Museum has exhibits on Canadian military history, the Canadian Museum of History has exhibits on Canadian heritage, and the Canada Aviation and Space Museum has educational exhibits and various aircrafts.

What are the Large Economic Drivers?

Ottawa’s economy centres on two major sectors: the federal government and high tech. Both sectors offer above-average wages with relatively stable employment. Those two sectors alone help ensure that Ottawa has the highest median family income of Canada’s six largest cities.
The federal government has seen growth since 2001, helping contribute to the local economy. Residents of Ottawa have employment opportunities at the various ministries found in Ottawa. As for the high tech sector, it saw a rough time in 2001 but has since recovered.

The rural sector is also a large economic driver, contributing over $1 billion annually to its GDP.

Recent Changes that May have Changed the Economic Outlook
Ottawa has seen continued growth in the high-tech sector. For instance, Shopify has plans to launch its own distribution facility in Ottawa and hire employees to work there.
After Stephen Harper became Prime Minister in 2006, hiring at the federal government slowed down, but has since increased in recent years with the Liberals in power.
In September 2019, Ottawa opened its first major transit line, the Confederation Line. The Confederation Line is an LRT line that runs east to west in Ottawa, bringing rapid transit to our nation’s capital, one thing that it was previously lacking.

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