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 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 team work with you to find the best debt solution available.

Would a DMP work for residents of Regina, SK?

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 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, SK

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 unsecure 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, SK

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 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, SK

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 the 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 2020, 354 Regina residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $22,725 but now have the help they need to get their finances, and their life, back on track.

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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, provincial, local government agencies, along with non-profit organizations, you can turn too:

Regina Service Canada Centre
1783 Hamilton St
Regina, SK S4P 2B6
Available Services:
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA - Canadian Revenue Agency
1955 Smith St
Regina, SK S4P 2N8
(800) 959-5525

Veterans Affairs Canada
1783 Hamilton St #108
Regina, SK S4P 2B6
(306) 780-5240

Regina Food Bank
445 Winnipeg St,
Regina, SK S4R 8P2
(306) 791-6533

Canadian Mental Health Association Regina Branch
1810 Albert St
Regina, SK S4P 2S8
(306) 525-9543

Saskatchewan Addiction Counselling
Gambling - (800)306-6789
Crisis Helpline (306) 757-0127
24/7 Crisis Suicide Hotline (306) 525-5333
https://changingtowin.ca/

Debt Consolidation Loans
Loans Canada
Debt Relief Loans

Consumer Proposal Direct Help
Consumer Proposal Loans

Credit Reports
Credit Verify


Additional City Resources in Saskatchewan

Insolvency Stats for Regina

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 52 26 73
Consumer Proposals 129 117 186
Regina in Total 181 143 259

 

Annual Consumer Insolvency Rates in Saskatchewan

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

Saskatchewan
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Insolvency 3.1 2.47 2.2 2.2 2.4 2.7 2.7 3.7 4.0 4.1
Bankruptcy 2.0 1.7 1.3 1.3 1.4 1.4 1.7 1.6 1.5 1.5
Proposal 1.1 1.0 0.9 0.8 1.0 1.3 1.9 2.1 2.5 2.5
Regina – Moose Mountain
Insolvency 3.0 2.5 1.9 1.9 2.4 2.7 3.9 4.0 4.5 4.7
Bankruptcy 1.8 1.3 0.9 0.9 1.3 1.2 1.4 1.4 1.3 1.4
Proposal 1.2 1.2 1.0 0.9 1.1 1.5 2.5 2.7 3.2 3.2
2019 Data
Population 236,431
Average Credit Score 642
Median Income $84,971
Average Home Price $311,356
Median Mortgage -
Insolvency
Total Insolvencies: 948 *(+5.8%)
Av Assets / Insolvency $180,235
Av Liabilities / Insolvency $183,694
Debt Ratio: 102%
Bankruptcy
Bankruptcies 266 *(+15.7%)
Av Assets $150,796
Av Liabilities $215,095
Debt Ratio: 142%
Consumer Proposals
Consumer Proposals 682 *(+2.4%)
Av Assets $191,717
Av Liabilities $171,447
Debt Ratio: 89%

* % change from 2018

About Regina

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's History

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 industry 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.

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