This is partly because, as of 2021, at 4.33%, Statistics Canada reports that residents of Manitoba have one of the lowest debt service ratios in Canada. This means less than 5% of their disposable income is going towards debt.
Yet there are other reasons Manitoba’s residents report low levels of anxiety and unhappiness in relation to their consumer debt. For instance, many of Manitoba’s consumers have worked diligently to get their debt under control. Those who are deeply in debt have not given up on paying back what they owe. They have considered all their debt repayment options and have chosen the one that is best able to help them pay off their creditors.
The most popular debt repayment option in the province is Manitoba debt settlement. Manitoba’s debtors have found that debt settlement is the best way for them to get rid of their debt quickly without damaging their credit too badly. Bankruptcy in Canada harms your credit for many years, but debt settlement erases much of your debt without making you as toxic to creditors.
Debt settlement is best for those who have at least $10,000 in unsecured debt and a steady income that allows them to pay something toward their debt even if they cannot afford their minimum debt payments. Basically, a debt settlement in Manitoba allows residents to negotiate with their creditors and settle debt for pennies on the dollar. Creditors agree to reduce the amount of principal that is owed so that debts are considered paid in full once the reduced principal is paid.
Reducing your debt principal allows you to escape debt quickly, but it can be tricky to negotiate a settlement on your own. That is why you should fill out the online debt relief form to get professional help with debt relief in Manitoba.