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Credit Counselling in British Columbia

See how we’ve helped other British Columbians overcome their issues with debt.

This page will help you understand how debt can affect your life when you have more than you can handle. We will also share with you some real-life case studies of some of our clients. These case studies will show how we’ve helped many British Columbians overcome their challenges with debt. If you are struggling with your debt load and you need help, call us at (844)-402-3073.

Debt statistics in British Columbia

Although the unemployment rate in British Columbia is below the national average, some British Columbians are struggling to manage their debt because they purchased more home than they can afford. In a hot housing market, especially in Vancouver, where the average home is selling for $1.8 million coupled with low interest rates – it can be very easy to bite off more than you can chew. Here are the debt stats of the average British Columbian:

Average credit card debt: $5,650.00 per borrower
Average student debt: $5,204.00
Average mortgage debt: $193,315.00
Average consumer debt (non-mortgage): $30,654.00

All of the above statistics are from Statistics Canada.

Insolvency Statistics

Canada	2022	2021	% Change
Total Insolvencies	100,184	90,092	11.2%
Consumer Proposal	75,598	62,631	20.7%
Bankruptcy	24,586	27,461	-10.5%
British Columbia	2022	2021	% Change
Total Insolvencies	10,167	8,699	16.9%
Consumer Proposal	8,346	6,527	27.9%
Bankruptcy	1,821	2,172	-16.2%

Source: ic.gc.ca

Case Study

Alexandra from Nanaimo, BC

“The help and sound advice you gave me helped me make better decisions with my money and now I have hope for my financial future . ”

Where she started:

Total unsecured debt: $6,239.00
Estimated interest charges: $3,490.41
Time to payoff: 10 years, 11 months
Total monthly payments: $249.56

After DMP enrollment:

Average negotiated interest rate: 2.50%
Total interest charges: $159.78
Time to payoff: 3 years, 6 months
Total monthly payment: $155.00

Time Saved

7 years, 5 months

Monthly Savings

$94.56

Interest Saved

$3,330.63

Case Study

Adam from Ladysmith, BC

“Having one monthly payment helped me get out of the revolving door of debt and I actually got to see my debt going down. Sometimes it was hard but worth all the effort in the end and a very freeing feeling at the end. ”

Where he started:

Total unsecured debt: $33,803.00
Estimated interest charges: $19,902.50
Time to payoff: 14 years, 8 months
Total monthly payments: $1,352.12

After DMP enrollment:

Average negotiated interest rate: 2.50%
Total interest charges: $1,054.42
Time to payoff: 4 years, 0 months
Total monthly payment: $737.00

Time Saved

10 years, 8 month

Monthly Savings

$615.12

Interest Saved

$18,848.08

British Columbia Cities

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