Debt Relief Solutions in Regina, SK
Residents of Regina, Saskatchewan 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.
Reduce Your Payments By Up To 50%
Lower Your Interest Rates
Make One Low Monthly Payment For All Your Debt
Debt Free in as little as 24 – 48 Months
Canadian Debt Relief
Debt Management Plan
Debt.ca is Canada’s trusted source for debt relief
At Debt.ca, we understand that people might find themselves surrounded with 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 SERVICES IN REGINA, SK
Many people require credit counselling services in Regina. If you’re one of those people, Debt.ca can increase your financial literacy with our credit counselling services. The majority of us face debt problems at some point, so there is no shame in speaking to credit counsellors to find out what options may be available to them. Most people never realize how much they are paying in credit card interest rates until it’s too late. If you want to repay your debt, your options can range from a debt management program or debt settlement to other debt relief options like a consumer proposal or bankruptcy. You should be aware that the rate of bankruptcy by Saskatchewan residents fell over 6% in 2019 however the rate of Consumer proposals increased 20% throughout the province.
If you live in Regina and cannot pay your bills on time, then credit counselling may be the answer for you. A Quality debt settlement program or credit counselling services in Regina can help you get out from under your debt and shore up your financial future at the same time. If the goal is to be debt free, let our teamwork with you find the best debt solution available.
WOULD A DMP WORK FOR RESIDENTS OF REGINA?
Residents of Regina, SK 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 Regina 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 Regina to determine if a DMP is the right option for you.
DEBT CONSOLIDATION OPTIONS IN REGINA
As a citizen living in Regina, 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 Regina here.
OPTIONS FOR A CONSUMER PROPOSAL IN REGINA
To file a consumer proposal Regina, SK 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 Regina, 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 Regina today.
HOW BANKRUPTCY WORKS IN REGINA
Many people living in Regina 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 Regina, call us to speak with a professional who can help.
YOU ARE NOT ALONE
In 2021, 478 Regina residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $18,520 but now have the help they need to get their finances, and their life, back on track.
Resources available in Regina, SK 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:
Regina Service Canada Centre
1783 Hamilton St
Regina, SK S4P 2B6
– Unemployment Assistance
– Child Benefits
– Senior Assistance
CRA – Canadian Revenue Agency
1955 Smith St
Regina, SK S4P 2N8
Veterans Affairs Canada
1783 Hamilton St #108
Regina, SK S4P 2B6
Regina Food Bank
445 Winnipeg St,
Regina, SK S4R 8P2
Canadian Mental Health Association Regina Branch
1810 Albert St
Regina, SK S4P 2S8
Saskatchewan Addiction Counselling
Gambling – (800)306-6789
Crisis Helpline (306) 757-0127
24/7 Crisis Suicide Hotline (306) 525-5333
Debt Consolidation Loans
Debt Relief Loans
Consumer Proposal Direct Help
Consumer Proposal Loans
Insolvency stats for Regina
|Q2 ’22||Q1 ’22||Q4 ’21||Q3 ’21|
|REGINA – MOOSE MOUNTAIN IN TOTAL||273||229||224||219|
ANNUAL CONSUMER INSOLVENCY RATES IN SASKATCHEWAN
(Per 1,000 Population Aged 18 Years and Older)
|REGINA – MOOSE MOUNTAIN|
|AVERAGE CREDIT SCORE||642|
|AVERAGE HOME PRICE||$311,356|
|TOTAL INSOLVENCIES:||903 *(- 36%)|
|AV ASSETS / INSOLVENCY||$202,179 (+ $19,619)|
|AV LIABILITIES / INSOLVENCY||$189,181 (+ $1,523)|
|DEBT RATIO:||94% (- 8%)|
|BANKRUPTCIES||224 *(- 65%)|
|AV ASSETS||$149,863 (- $9,072)|
|AV LIABILITIES||$201,215 (- $20,108)|
|DEBT RATIO:||134% (- 5%)|
|CONSUMER PROPOSALS||679 *(- 26%)|
|AV ASSETS||$219,438 (+ $26,682)|
|AV LIABILITIES||$185,210 (+ $12,083)|
|DEBT RATIO:||84% (-6%)|
*() change from 2019
WHAT IS UNIQUE ABOUT REGINA
There are many unique things about Regina. The Stone Hall Castle is Canada’s only medieval-style castle located in Regina. The Albert Street Memorial Bridge is the longest bridge over the shortest amount of water, which is also in Regina.
The city is home to the most significant Western Painted Turtle in the world. It is named Olga, coming in at 10.47 inches long.
Regina is also known for all its sunshine, with a total of 2,365 hours a year of sunshine on average.
Regina is the capital city of Saskatchewan Canada but before that, Regina was the centre of the North-West Territories. People moved to Regina Saskatchewan, where they could buy land. Regina was an agricultural community. It was a distribution area for farm materials and food.
It was initially named “Pile of Bones.” This is because of all the buffalo bones found there. Regina was founded in 1882. This happened after the Canadian Pacific Railway reached there.
Princess Louise changed the name to Regina after her mother, the Queen. Regina is Latin for “queen.” Regina became a city in 1903. Then it became the capital of the province in 1906
WHAT’S REGINA FAMOUS FOR?
Regina is known for the RCMP. This is where RCMP cadets train to become Mounties. Regina is also known for its parks. There is a big park that is 2,300 acres, which is more significant than Stanley Park in Vancouver. It is even bigger than Central Park in New York City.
The Saskatchewan Roughriders are Regina’s CFL team. Fans are known to be very excited about the team. They are known as the “Green Bay Packers of Canada.”
WHAT ARE THE LARGE ECONOMIC DRIVERS?
Agriculture initially drove Regina’s economy. Farming is still a big part of the economy in Regina. Oil and natural gas are also an essential part of the economy.
The government plays a significant role in the economy and provides many jobs. There are also many private businesses. Thousands of people work there.
The film and video production industries are becoming more important in Regina. The Canada Saskatchewan Production Studios is in Regina. It is the biggest production facility in the prairies. Many shows and films have been produced there, including Corner Gas.
Information technology is also growing in Regina. The Innovation Place Research Park has many science and technology companies. These companies give many jobs to many people in Regina.