Debt Consolidation in Action: Nova Scotia
See how we’ve helped other Nova Scotians overcome their issues with debt.
This page is designed to help you understand how debt impacts you and your fellow residents in Nova Scotia. We also show you some real-life case studies of how we’ve helped other Nova Scotians overcome their challenges. If you need help to get your debt under control, call us now at (844)-402-3073 or complete our easy debt analysis.
Debt statistics in Nova Scotia
Like many provinces in the Maritimes, Nova Scotians are faced with a high unemployment rate in comparison to the rest of Canada. The unemployment rate stands at 8.2 per cent, higher than the national average of 6.8 per cent. Many jobs in Nova Scotia are seasonal in nature and the unemployment rate reflects this. The average debt load of Nova Scotians is as follows:
- Average credit card debt: $878.00 per borrower
- Average student debt: $820.00
- Average mortgage debt: $21,242.00
- Average consumer debt (non-mortgage): $5,086
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% |
| Nova Scotia | 2022 | 2021 | % Change |
| Total Insolvencies | 3,467 | 3,007 | 15.3% |
| Consumer Proposal | 2,259 | 1,739 | 29.9% |
| Bankruptcy | 1,208 | 1,268 | -4.7% |
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