Debt Consolidation in Action: Newfoundland

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

This page is designed to help you understand how debt impacts you and others in Newfoundland. We also show you some real-life case studies of how we’ve helped many Newfoundlanders overcome their challenges. If you need help, call us at (833) 779-2841 or complete our easy debt analysis online.

Debt statistics in Newfoundland

Newfoundland’s unemployment rate is almost twice the national average in Canada. The unemployment rate in Newfoundland stands at 12.0 per cent. As a result, residents in Newfoundland are experiencing several challenges to manage their finances. To stay above water, many Newfoundlanders are using debt to manage their household income. The average debt load of Newfoundlanders is as follows:

  • Average credit card debt: $517.00 per borrower
  • Average student debt: $604.00
  • Average mortgage debt: $19,953.00
  • Average consumer debt (non-mortgage): $3,854

All of the above statistics are from Statistics Canada.

Insolvency Statistics

Canada20222021% Change
Total Insolvencies100,18490,09211.2%
Consumer Proposal75,59862,63120.7%
Newfoundland & Labrador20222021% Change
Total Insolvencies1,9281,73711.0%
Consumer Proposal1,2541,09514.5%

Real Case Studies

Mary is thankful he called

I thought it was awesome program.

Mary from River, NL

Where she started:

  • Total unsecured debt: $25,915.00
  • Estimated interest charges: $15,169.60
  • Time to payoff: 14 years, 11 months
  • Total monthly payments: $1,036.60

After DMP enrollment:

  • Average negotiated interest rate: 10.63%
  • Total interest charges: $6,600.48
  • Time to payoff: 4 years, 4 months
  • Total monthly payment: $634.00

Time Saved: 10 years, 7 months

Monthly Savings: $402.60

Interest Saved: $8,569.12

Melissa can start enjoying her life again

I have been looking for ways to get out of debt so that I can start really enjoying my life instead of worrying over my bills that I owe. This is the most affordable option I have ever come across. I never thought I would get out of debt then I saw an ad for CCCS and found out just how easy it could be to reach a seemingly impossible goal of being debt free.

Melissa from Stephenville, NL

Where she started:

  • Total unsecured debt: $5,788.00
  • Estimated interest charges: $3,011.24
  • Time to payoff: 9 years 7 months
  • Total monthly payments: $242.32

After DMP enrollment:

  • Average negotiated interest rate: 3.67%
  • Total interest charges: $1,100.54
  • Time to payoff: 3 years,
  • Total monthly payment: $187.00

Time Saved: 6 years, 7 month

Monthly Savings: $55.32

Interest Saved: $1,970.70

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