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 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 Saskatoon, SK

Many people require credit counselling services in Saskatoon. 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 in our Saskatoon office. 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. If you live in Saskatoon 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 Saskatoon 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 Saskatoon, SK?

Residents of Saskatoon, 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 Saskatoon, SK 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 Saskatoon to determine if a DMP is the right option for you.

Debt Consolidation Options in Saskatoon, SK

As a citizen living in Saskatoon, 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 Saskatoon here.

Options for a Consumer Proposal in Saskatoon, SK

To file a consumer proposal, Saskatoon, 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 Saskatoon, SK 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 Saskatoon today.

How Bankruptcy works in Saskatoon, SK

Many people living in Saskatoon 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 Saskatoon call us to speak with a professional who can help.

You are not alone

In 2020, 403 Saskatoon residents reached out to debt.ca to finally tackle their debt problems. They were struggling with an average debt load of $22,539 but now have the help they need to get their finances, and their life, back on track.

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Resources Available in Saskatoon, 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:

Saskatoon Service Canada Centre
Market Mall, Unit 120
2325 Preston Avenue South
Saskatoon, Saskatchewan
Available Services
- Unemployment Assistance
- Child Benefits
- Senior Assistance

CRA - Canadian Revenue Agency
340 3rd Ave N,
Saskatoon, SK S7K 2J1
(800) 959-8281

Saskatoon Veterans Affairs
101-22nd Street East
5th Floor
Saskatoon, Saskatchewan
S7K 0E1
(866) 522-2122

Saskatoon Food Bank & Learning Centre
202 Avenue C S,
Saskatoon, SK S7M 1N2
(306) 664-6565

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

The Irene & Leslie Dubé Centre for Mental Health
(306) 655-0700

Debt Consolidation Loans
Loans Canada
Debt Relief Loans

Consumer Proposal
Consumer Proposal Loans

Credit Reports
Credit Verify


Additional City Resources in Saskatchewan

Insolvency Stats for Saskatoon

Q4 2020 Q3 2020 Q4 2019
Bankruptcies 69 59 119
Consumer Proposals 89 106 162
Saskatoon in Total 158 165 281

 

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
Saskatoon – Biggar
Insolvency 3.0 2.6 2.2 2.1 2.2 2.5 3.2 3.6 3.7 3.6
Bankruptcy 2.0 1.7 1.4 1.3 1.3 1.2 1.6 1.7 1.5 1.5
Proposal 1.0 0.9 0.9 0.8 1.0 1.3 1.6 1.8 2.3 2.2
2020 Data
Population 246,376
Average Credit Score 642
Median Income $94,810
Average Home Price $385,580
Median Mortgage -
Insolvency
Total Insolvencies: 843 *(- 30%)
Av Assets / Insolvency $150,608 (- $35,645)
Av Liabilities / Insolvency $152,324 (-39,058)
Debt Ratio: 101% *(+ 3%)
Bankruptcy
Bankruptcies 307 *(- 43%)
Av Assets $120,061 (- $37,315)
Av Liabilities $164,575 (- $68,987)
Debt Ratio: 137% (- 11%)
Consumer Proposals
Consumer Proposals 536 *(- 23%)
Av Assets $168,105 (- $37,445)
Av Liabilities $145,307 (- $17,890)
Debt Ratio: 99% (+ 8%)

* % change from 2019


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About Saskatoon

What is Unique about Saskatoon

Despite not being the capital of Saskatchewan and being further north than Regina, Saskatoon is the largest city in Saskatchewan. It’s along the South Saskatchewan River in the centre of the province and is accessible by the Trans-Canada Yellowhead Highway. It had a population of 245,181 in 2016, making it the 17th largest metro area in Canada.
Saskatoon has a sizable native population with several reserves found throughout the city. About 9 percent of the population is native. Due to the many crossings, it has with the South Saskatchewan River, the city has earned the nicknames the “Bridge City” and “Paris of the Prairies.”

Saskatoon's History

Saskatoon is a relatively young city by Canadian standards. In 1882, the Temperance Colonization Society acquired land in what is now Saskatoon. The Society’s goal was to start fresh with a community free of alcohol. The following year, the first settlers arrived in Saskatoon and set up the first permanent settlement there. The construction of the railway was not complete, so the settlers had to travel to Saskatoon by horse-drawn cart.
1903 was an important year for Saskatoon, as it officially became a city. Saskatoon has been growing steadily in size and population over the years. In 1955 and 1956, respectively, Saskatoon annexed two neighbourhoods to become even more sizable.

What’s Saskatoon Famous for?

Are you curious about the Saskatoon name origin? It got its name from the Saskatoon berry. The Saskatoon berry is native to the area, known for its violet colour and sweet taste.
Field nurses have been playing an essential role in Canada’s military for years, but it hasn’t always been that way. If you can believe it, there was a time before field nurses. Saskatoon’s claim to fame is that it’s the place where field nurses were first recognized to be part of the Canadian military. It happened way back when in 1885 when wounded soldiers came back from battles taking place at Fish Creek and Batoche. To commemorate the vital role these field nurses played, a historic site, the Marr Residence, has been set up for tourists to get a glimpse into history.

What are the Large Economic Drivers?

The most significant economic drivers in Saskatoon are agriculture, oil and potash. Natural resources like coal, diamonds, grains and uranium fuel Saskatoon’s economy. The biggest uranium company and potash producer both have corporate offices
in Saskatoon. This isn’t a coincidence. Almost two-thirds of Potash reserves are in Saskatoon.
Saskatoon also has a growing tech scene and is an ideal location for distribution.

Recent Changes that May have Changed the Economic Outlook

Saskatoon is known as the economic engine of Saskatchewan and with good reason. It’s seen a steady increase in jobs and the population from immigration in recent years.

Sources:

  • https://www12.statcan.gc.ca/
  • https://hikebiketravel.com
  • https://matadornetwork.com
  • https://www.saskatoon.ca/
  • https://www.tourismsaskatoon.com/
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