Debt Relief Solutions in Montreal, QC

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. It’s for these reasons, among others, that Canadians, including Montrealers are facing a lot of debt. The total consumer debt in Montreal, excluding mortgages, was at $59.42 billion as of Q4 2023. Including mortgages, the total adds up to $222.66 billion! This is the third highest in the country, after Toronto and Vancouver.

When faced with a mountain of consumer debt, it is quite easy to become overwhelmed and 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 Montrealers 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’re 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 MONTREAL, QC

Consumer debt throughout Canada has been on the rise, Montreal included. In 2023, Montrealers had an average of $123,569 worth of debt per capita. With all this debt, many people in Montreal are struggling to keep up with payments. Between 2022 and 2023, the number of Montrealers missing debt payments increased by 34%. Credit Counselling is one way to address mounting debt.

A trained credit counsellor, like the ones at Debt.ca, will go over all the possible debt solutions available for your particular circumstances and then help you build your personal plan toward a debt-free life. Call us to get started today!

WOULD A DMP WORK FOR RESIDENTS OF MONTREAL, QC?

As of Q4 2023, Montrealers owe $10.31 billion in credit card debt alone. That’s an increase of 10.86% in a single year. Many people struggling with debt, including those in Montreal, turn to Debt Management Programs (DMP) to get back on their feet financially.

Debt management plans lower your debt obligations and simplify your finances. The debt repayment process is simplified because you only make one payment to your administrator each month. They then distribute the funds to your creditors. Your debt is lowered because your interest rate is cut down drastically, often even to zero.

If you’re one of the many Montrealers struggling with debt, call us to learn more about how our DMP can help!

DEBT CONSOLIDATION OPTIONS IN MONTREAL, QC

As a citizen living in Montreal, 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.

Consolidating your unsecured debts works by combining multiple credit card debts and other liabilities into a single monthly payment at a lower interest rate. A single payment can be more manageable and a lower rate means less debt to pay back. While there are different ways to consolidate your debt, the most common are procuring a loan or opening a Home Equity Line of Credit (HELOC).

Numbers are showing that Montrealers are looking to debt consolidation for help. Between 2022 and 2023, HELOC debt loads rose 6.5% and loans increased 9.2%. If you’re finding it hard to keep up with payments and think debt consolidation might help, call us to learn more.

OPTIONS FOR A CONSUMER PROPOSAL IN MONTREAL, QC

To file a consumer proposal, Montreal residents must go through a Licensed Insolvency Trustee in the area. Consumer proposals are legally binding agreements whereby creditors allow participants to pay back less than what they owe and consider the debt fully paid.

In recent years, more and more Montrealers are turning to Consumer Proposals for help. Between 2022 and 2023, Montreal witnessed a 24% increase in total Consumer Proposal filings. To qualify for a consumer proposal in Montreal, individuals must know to owe more than $250,000. Likewise, a married couple filing jointly cannot have more than $500,000 in debt.

Despite how good that sounds, paying less than what you owe at a lower interest rate comes with some heavy consequences. For one, your credit will take a significant hit. In addition, the consumer proposal will remain on your credit report for up to three years after you complete the five-year program. This can make acquiring credit or buying a home or auto more difficult. However, for many who struggle to make their full payments, the relief from the financial reset is often worth the drawbacks.

HOW BANKRUPTCY WORKS IN MONTREAL

Many people living in Montreal 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.

Luckily, Montrealers are finding help with debt earlier and with less severe solutions. It’s easy to determine this from the fact that the number of Montrealers filing for bankruptcy has dropped to approximately 2,000 a year and holding steady.

Speaking to a Licensed Insolvency Trustee can shed some light on your options and inform you of 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 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 Montreal, call us to speak with a professional who can help.

YOU ARE NOT ALONE

Each year many Montreal residents reached out to Debt.ca to finally tackle their debt problems. On average, they were struggling with a debt load of $17,703 but now have the help they need to get their finances, and their life, back on track.