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 Scarborough, 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 Scarborough 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 Scarborough 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 Scarborough

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

Debt Consolidation Options in Scarborough

As a citizen living in Scarborough, 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 Scarborough here.

Options for a Consumer Proposal in Scarborough

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

How Bankruptcy works in Scarborough

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

You are not alone

In 2020, 863 Scarborough residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $18,014 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Scarborough, 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:

Scarborough Service Canada Centre
Canada Centre, Floor 1
200 Town Centre Court
Scarborough, Ontario
Available Services:
- Unemployment Assistance
- Child Benefits
- Senior Assistance

Job Opportunity Information Network
50 Fairfax Cres
Toronto, ON
M1L 1Z8
(437) 777-5548

CRA - Canadian Revenue Agency
5001 Yonge St, North York, ON M2N 6P6
(416) 512-2558

Scarborough Veterans Affairs
55 Town Centre Court, Suite 205
Scarborough, Ontario
(866) 522-2122

Bluffs Food Bank
33 East Rd,
Scarborough, ON M1N 1Z9
(647) 477-4149

Canadian Mental Health Association
2425 Eglinton Ave E Suite 301,
Toronto, ON M1K 5G8
(416) 431-8230

The Salvation Army
3080 Birchmount Rd
Scarborough, ON M1W 3K3
(416) 497-7520

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 Scarborough and the surrounding locations including Pickering, Ajax, Oshawa, Whitby.

Insolvency Stats for Scarborough

2020 Data
Population 632,098
Unemployment Rate 7.3%
Median Income $90,040
Average Home Price $601,467
Insolvency
Total Insolvencies: 15,241 (- 25%)
Av Assets / Insolvency $59,917 (- $4,944)
Av Liabilities / Insolvency $92,202 (- $9,555)
Debt Ratio: 154% (- 3%)
Bankruptcy
Bankruptcies 3,432 (-50%)
Av Assets $22,479 (- $3,879)
Av Liabilities $111,900 (- $7,316)
Debt Ratio: 498% (+ 46%)
Consumer Proposals
Consumer Proposals 11,809 (-18%)
Av Assets $70,797 (- $8,327)
Av Liabilities $86,477 (- $8,812)
Debt Ratio: 122% (+ 2%)

Source: https://www.ic.gc.ca/
* % change from 2019
Insolvency stats are for the Greater Toronto Metro area

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About Scarborough

What is Unique about Scarborough?

Scarborough is the eastern region of Toronto known for its variety of ethnic cultures. Scarborough is also known for its natural and beautiful scenery. The region is located right on Lake Ontario and spans 15 kilometres along the lakeshore. Scarborough is a great place to live for families, as there are activities for people of all ages. In addition, Scarborough is well connected to public transportation services.

Scarborough’s History

In 1793, a woman named Elizabeth Simcoe named Scarborough after a town in England. Elizabeth was the wife of Lieutenant-Governor John Graves Simcoe. Shortly after the site was named, it attracted agricultural settlers by the names of David and Mary Thomson. These settlers began their farming community along the Highland Creek, and it remained that way into the 20th century.

By 1900, a small number of 3,711 people lived in the Scarborough Township. Although, after World War I, Scarborough experienced its first major growth spurt, similar to other parts of Toronto. Around this time, Scarborough was incorporated as a city, but Toronto absorbed it in 1998. Today, Scarborough is known as one of the six main regions of Toronto.

Over the years, Scarborough incorporated the Toronto Zoo, the Scarborough Museum, Centennial College and the University of Toronto Campus. In addition, the Taber Hill Ossuary, otherwise known as the Huron-Wendat burial site, was discovered in 1956 during excavations for a housing division.

What is Scarborough Famous For?

Scarborough is well known for its diverse and ethnic cultures because many immigrants have moved there over the last 100 years. The region is also known for its beautiful scenery which can be explored at the Scarborough Bluffs and by visiting Lake Ontario. Scarborough is also known to be the home of the R&B and hip-hop musician, The Weeknd.

What Are the Large Economic Drivers?

Scarborough's main economic drivers include education, fashion, entertainment, financial services, cuisine, technology and tourism. Scarborough and The Greater Toronto Area are growing rapidly, which means there is lots of growth within these industries as well as within other industries.

Recent Changes That May Have Changed the Economic Outlook

Scarborough and The Greater Toronto Area have grown rapidly in the past decade, causing populations to increase and new jobs to open. This is fantastic for individuals in the area because there is no shortage of work or career opportunities.

However, due to the high demand to live in this region, housing prices have increased dramatically, and it has become difficult for residents to afford a home. In addition, the overall cost of living is astronomical in Toronto.

Sources:

  • https://www.thecanadianencyclopedia.ca/
  • https://www.toronto.ca/