Some reports paint an encouraging picture of debt in New Brunswick. For example, Statistics Canada reports that at 4.24%, New Brunswickers have one of the lowest debt service ratio in the country. That means they put the least amount of their disposable income towards debt. Leaving them with more to spend on other things.
On the other hand, there is still reason for concern. According to Statistics Canada, in Q2 of 2022, the average debt load of New Brunswickers was $91,083. This is an increase of 12.2% in just two years.
Consumers should always strive to reduce their debt, especially credit card debt, That being said, it does little good to reduce such debt if borrowing continues. Your goal should be to eliminate as much consumer debt as possible. If you are deep in consumer debt, however, you should not lose hope. A New Brunswick debt settlement program may be the answer to help you get control over your financial situation.
In New Brunswick, debt settlement has put many people in the province back on the right financial path. When your consumer debt balances are excessively high, it can be easy to lose hope of ever paying off your creditors. Debt settlement enables you to address this problem by actually lowering the amount you owe your creditors. A debt consolidation loan will lower your interest rate, making it even easier to pay off your loans faster than before. Debt settlement in New Brunswick, however, will not harm your credit as much as more drastic debt relief measures like bankruptcy.
Negotiating with creditors for a debt settlement is not an easy process, and many people have not received the very best settlement agreement when they work with creditors on their own. Get the professional debt relief help you need in New Brunswick and learn how an expert can negotiate the best deal on your behalf when you fill out the debt relief form.