At, 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 Thunder Bay Ontario

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. Unfortunately, the picture is not all roses for the residents of Thunder Bay as their current unemployment rate of 9.6% is almost 4 points above the provincial average. Unemployment is a key driver of bankruptcies and unfortunately, bankruptcies in Thunder Bay jumped 22% in the last year. If you live in Thunder Bay or the surrounding region 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 Thunder Bay 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 Thunder Bay?

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

Debt Consolidation Options in Thunder Bay

As a citizen living in Thunder Bay, 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 Thunder Bay here.

Options for a Consumer Proposal in Thunder Bay

To file a consumer proposal, Thunder Bay 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 Thunder Bay, 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 Thunder Bay today.

How Bankruptcy works in Thunder Bay

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

You are not alone

In 2021, 127 Thunder Bay residents reached out to to finally tackle their debt problems. They were struggling with an average debt load of $21,841 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Thunder Bay, 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:

Thunder Bay Service Canada Centre
975 Alloy Dr
Thunder Bay, ON P7B 5Z8
(800) 622-6232
Available Services:
- Unemployment Assistance
- Child Benefits
- Senior Assistance

Veterans Affairs Canada
130 Syndicate Ave S
Thunder Bay, ON P7E 1C6,

CRA - Canadian Revenue Agency
130 Syndicate Ave S
Thunder Bay, ON P7E 1C6,
(800) 959-8281

Thunder Bay Food Bank
129 Miles St E,
Thunder Bay, ON P7C 1J5
(800) 626-9231

Canadian Mental Health Association
200 Van Norman St
Thunder Bay, ON P7A 4B8

The Salvation Army Community And Residential Services
545 Cumberland St N
Thunder Bay, ON P7A 4S2
(807) 345-7319

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)

Credit Counselling Resources in Additional Ontario Cities:


Helping residents of Thunder Bay and the surrounding locations: Rosslyn, Moose Hill, Kakabeka Falls, Nolalu, Wold Goose, Shabaqua, Shebandowan, Neebing, Pearl, Savanne, Upsala.

Insolvency Stats for Thunder Bay

Q3 2021 Q2 2021 Q3 2020
Bankruptcies 23 32 41
Consumer Proposals 27 50 27
Thunder Bay in Total 50 82 68


Data from 2020 in Thunder Bay, ON

2020 Data
Population 110,172
Average Credit Score -
Median Income $60,199
Average Home Price $264,900
Median Mortgage -
Unemployment Rate 9.6%
Total Insolvencies: 295 *(- 30%)
Av Assets / Insolvency $69,840 (- $13,395)
Av Liabilities / Insolvency $196,429 (-11,070)
Debt Ratio: 138% (+ 9%)
Bankruptcies 163 *(- 35%)
Av Assets $37,732 (- $21,554)
Av Liabilities $79,091 (- $18,913)
Debt Ratio: 210% (+ 45%)
Consumer Proposals
Consumer Proposals 132 *(- 24%)
Av Assets $109,490 (- $5,874)
Av Liabilities $117,838 (- $2,398)
Debt Ratio: 108% (+ 4%

*() change from 2019

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About Thunder Bay

A Brief History of Thunder Bay

Europeans settled in Thunder Bay in the 17th century. The French travelled the area and transported furs and goods via the waterways for transportation. The fur trade boom ended by the 19th century, but mining became more prevalent by then. People came to mine copper, silver, and gold.

In the 20th century, Thunder Bay grew fast because of the transcontinental railway and the wheat boom. Thunder Bay became a city in 1970 when Fort William and Port Arthur combined with other townships. Thunder Bay is now a regional services centre for Northwestern Ontario.

What is unique about Thunder Bay?

Thunder Bay is a city in northwestern Ontario. It sits on Lake Superior. The population of Thunder Bay is 110,000. It is named for Thunder Bay at the head of Lake Superior. Thunder Bay is known as the "Lakehead" because it is at the end of the Great Lakes on the Canadian border. As part of the Canadian Shield, many rocks, forests, and lakes comprise the city's topography.
Thunder Bay is a unique city because it mixes aspects from both city and life outdoor life. Thunder Bay is a busy city. But it also has a lot of natural resources. Many people visit because they love the outdoors.

Thunder Bay has something called the "Sleeping Giant," which is a natural landscape that looks like a sleeping giant when looked at from the city. Many people go hiking, camping, boating, fishing, and rock climbing.

Thunder Bay is on the shore of Lake Superior, which is the biggest freshwater lake in the world.

What’s Thunder Bay Famous for?

Thunder Bay is famous for many things, including the most significant living history attraction in North America. It is called the Fort William Historical Park. Also, medal-winning BMX rider, Jay Miron was born in Thunder Bay.

What are the Large Economic Drivers?

Thunder Bay's economy is based mostly on service centres. It has a lot of jobs in administration, commercial, and health care. The biggest private company in Thunder Bay is Resolute Forest Products. Hundreds of people work there. Bombardier Transportation is also a big private company in Thunder Bay. Hundreds of people work there too.

Lakehead University is a big part of Thunder Bay's economy. So is Confederation College. Other vital parts of the economy in Thunder Bay include:

• Health
• Education
• Sales
• Trades
• Manufacturing
• Finance
• Sciences
• Art
• Recreation

Recent Changes that May have Changed the Economic Outlook

Thunder Bay has been working to boost its economy. It is trying to increase educational and research industries. The city has a campus of the Northern Ontario School of Medicine, which is the first medical school to open in Canada in many years. This may help to bring more attention to the molecular medicine industry in the area.