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Debt Relief Solutions in Windsor, ON

Residents of Windsor, Ontario have reduced their payments by up to 50% by contacting Debt.ca for help.

Debt.ca will evaluate your situation and refer you to qualified and vetted professionals based on the solution that will work best for you.

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Canadian Debt Relief


Credit Counselling


Debt Management Plans


Debt Consolidation


Consumer Proposal


Bankruptcy


Not Alone


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 your 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 HELP IN WINDSOR, 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.

Unfortunately, the picture is not all roses for the residents of Windsor as they currently have the highest unemployment rate (8.8%) in all of Canada. If you live in Windsor 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 Windsor 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 WINDSOR, ON?

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

DEBT CONSOLIDATION OPTIONS IN WINDSOR, ON

As a citizen living in Windsor, Ontario 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 Windsor, Ontario here.

OPTIONS FOR A CONSUMER PROPOSAL IN WINDSOR, ON

To file a consumer proposal, Windsor 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 Windsor, Ontario individuals must not 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 Windsor today.

HOW BANKRUPTCY WORKS IN WINDSOR

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

YOU ARE NOT ALONE

In 2021, 587 Windsor residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $19,585 but now have the help they need to get their finances, and their life, back on track.

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Resources available in Windsor, 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:

Windsor Service Canada Centre

400 City Hall Square East, Suite 103
Windsor, Ontario
Available Services:
– Unemployment Assistance
– Child Benefits
– Senior Assistance

Unemployed Help Centre of Windsor Inc.

6955 Cantelon Dr
Windsor, ON N8T 3J9
(519) 944-4900
https://www.uhc.ca/

CRA – Canadian Revenue Agency

441 University Ave W
Windsor, ON N9A 5R2
(800) 267-6999

Windsor Veterans Affairs

6th Floor (Suite 600)
1 Riverside Drive West
Windsor, Ontario
N9A 5K3
(866) 522-2122

Better Business Bureau Serving Western Ontario

190 Wortley Rd #206
London, ON N6C 4Y7
(519) 673-3222

The Downtown Mission of Windsor

664 Victoria Ave
Windsor, ON N9A 4N2
(519) 973-5573
https://www.downtownmission.com/

Mental Health Connections

370 Erie St E
Windsor, ON N9A 3X3
(519) 256-4854

The Salvation Army Windsor Community Rehabilitation Center

355 Church St
Windsor, ON N9A 7G9
(905) 540-1888

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 Windsor and the surrounding locations: Tecumseh, Essex, La Salle, Kingsville, Leamington, Harrow, Amherstburg, Remington Park & Devonshire Heights.

INSOLVENCY STATS FOR WINDSOR

Q2 ’22Q1 ’22Q4 ’21Q3 ’21
BANKRUPTCIES49494439
CONSUMER PROPOSALS210179152151
WINDSOR IN TOTAL259228196190

ANNUAL CONSUMER INSOLVENCY RATES IN ONTARIO

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

ONTARIO
  2017 2018 2019 2020 2021
INSOLVENCY 3.4 3.4 3.8 2.9 2.5
BANKRUPTCY 1.4 1.3 1.3 0.8 0.6
PROPOSAL 2.0 2.1 2.6 2.1 1.8
WINDSOR – SARNIA
INSOLVENCY 4.0 4.0 4.4 3.1 2.9
BANKRUPTCY 1.8 1.9 1.7 1.0 0.7
PROPOSAL 2.2 2.1 2.7 2.1 2.2

DATA FROM 2020 IN WINDSOR, ONTARIO

2020 DATA
POPULATION217,188
AVERAGE CREDIT SCORE
MEDIAN INCOME$83,210
AVERAGE HOME PRICE$247,000
INSOLVENCY
TOTAL INSOLVENCIES:835 *(- 34%)
AV ASSETS / INSOLVENCY$47,576 (- $2,309)
AV LIABILITIES / INSOLVENCY$72,837 (- $4,253)
DEBT RATIO:153% (- 2%)
BANKRUPTCY
BANKRUPTCIES260 *(- 61%)
AV ASSETS$18,860 (- $3,183)
AV LIABILITIES$73,344 (+ $1,423)
DEBT RATIO:389% (+ 63%)
CONSUMER PROPOSALS
CONSUMER PROPOSALS575 *(- 22%)
AV ASSETS$60,561 (- $5,919)
AV LIABILITIES$72,608 (- $7,564)
DEBT RATIO:120% (- 1%)

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

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ABOUT WINDSOR

WHAT IS UNIQUE ABOUT WINDSOR?

Windsor is in southwestern Ontario and is the southernmost city in Canada. It’s on the south bank of the Detroit River, right across from Detroit, Michigan. With a population of over 287,000 in 2016, it’s the third most populous city in southern Ontario.
People think of Canada as a northern country, but Windsor is at the same latitude as northern California. Due to its southern latitude, Windsor benefits from the mildest temperatures in Canada outside of Vancouver and Victoria, although it comes at a cost. Windsor is part of the Canadian version of “tornado alley.” Windsor also holds the distinction of having the most days with severe thunderstorms and lightning.

WINDSOR’S HISTORY

The French first settled Windsor in 1749, making it the oldest continually occupied settlement founded by Europeans west of Montreal. Its first name was “la Petite Côte,” meaning “Little Coast.” However, unlike Detroit, Windsor didn’t keep its French name. After the American Revolution, they renamed the area Windsor, which remains its name until today.
Like other thriving cities in Canada, the railway helped put Windsor on the map. Windsor was also a significant contributor to World War I and World War II.

WHAT’S WINDSOR FAMOUS FOR?

Did you know that Windsor was almost named “South Detroit”? There was a naming controversy that took place in 1892. When Windsor aimed to become a city, it had to settle on a name. Would it keep its current name of Windsor or go with a new city name? Other city names considered included South Detroit, The Ferry and Richmond. In the end, Windsor garnered the highest number of votes, but in a close second was Richmond, with some folks referring to it as Richmond, mainly at the local post office, years later.

WHAT ARE THE LARGE ECONOMIC DRIVERS?

A tremendous economic driver in Windsor is the automotive industry. This has earned Windsor the nickname, the “Automotive Capital of Canada.” Windsor’s manufacturing and industrial legacy have helped shape the city.
Outside the automotive industry, other significant economic drivers include manufacturing, tourism, education and government services.
Windsor’s largest employer is FCA Canada, employing thousands of workers at its minivan assembly plant. Ford Motor Company also has a major presence in Windsor. There are several feeder plants there that produce automotive parts, tools and die.
Windsor is also a tourist hotspot in Southern Ontario. Caesars Windsor, one of Canada’s largest casinos, makes Windsor a popular tourist destination for Americans.

RECENT CHANGES THAT MAY HAVE CHANGED THE ECONOMIC OUTLOOK

Windsor has been trying to diversify its economy in recent years outside of the automotive sector. Together with Detroit, it made a bid for the headquarters of Amazon HQ2. Although Windsor was unsuccessful in its attempt, it jump-started a discussion about how it could attract more tech companies.

There are already several tech companies that operate in Windsor. These companies include established firms like Cypher Systems Group, AlphaKor Group and Red Piston and start-ups like Sirved and Hackforge. To help encourage more start-ups, WEtech Alliance, a non-profit organization, was created to provide new tech companies with the resources they need to succeed.

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