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

Canada20222021% Change
Total Insolvencies100,18490,09211.2%
Consumer Proposal75,59862,63120.7%
Bankruptcy24,58627,461-10.5%
Nova Scotia20222021% Change
Total Insolvencies3,4673,00715.3%
Consumer Proposal2,2591,73929.9%
Bankruptcy1,2081,268-4.7%
Source: ic.gc.ca

Case Study

Jody from Bridgewater, NS

“They go to bat for you and are very understanding. ”

Where she started:
  • Total unsecured debt: $39,075.14
  • Estimated interest charges: $22,812.69
  • Time to payoff: 14 years, 9 months
  • Total monthly payments: $1,563.01
After DMP enrollment:
  • Average negotiated interest rate: 0.00%
  • Total interest charges: $0.00
  • Time to payoff: 4 years, 2 months
  • Total monthly payment: $787.00
Time Saved

10 years, 7 months

Monthly Savings

$776.01

Interest Saved

$22,812.69

Case Study

Darcie from Ingramport, NS

“I got into a bit of trouble with extra expenses in building my new home and tried to hang on paying the minimum payments but I wasn’t getting anywhere with getting rid of my debt. I had lots of sleepless nights trying to figure out where to turn and finally decided to call Consolidated Credit. I was sleeping normally again in no time and better yet: I’ll be debt free in 4 years! ”

Where she started:
  • Total unsecured debt: $25,873.00
  • Estimated interest charges: $15,270.78
  • Time to payoff: 16 years, 3 months
  • Total monthly payments: $2,023.19
After DMP enrollment:
  • Average negotiated interest rate: 1.25%
  • Total interest charges: $847.40
  • Time to payoff: 3 years, 4 months
  • Total monthly payment: $648.00
Time Saved

12 years, 11 months

Monthly Savings

$386.92

Interest Saved

$15,270.78

Case Study

Oliad H from Halifax, NS

“I am very delighted by your professional service!! ”

Where he started:
  • Total unsecured debt: $5,382.00
  • Estimated interest charges: $2,849.95
  • Time to payoff: 8 years, 11 months
  • Total monthly payments: $215.28
After DMP enrollment:
  • Average negotiated interest rate: 3.3%
  • Total interest charges: $416.66
  • Time to payoff: 4 years
  • Total monthly payment: $121.00
Time Saved

4 years, 11 months

Monthly Savings

$94.28

Interest Saved

$2,433.19

Talk to a trained credit counsellor now for a free debt and budget evaluation.

Nova Scotia Cities

What is your total credit card debt amount?

Provide a few details about yourself.

##first_name##, here are your next steps...

Get a clear picture of your spending vs. your income. Begin your online budget and financial analysis now by clicking the button below.

Our experts are here to help you understand your options and reach your goals. After you complete the easy-to-use online budget, one of our trained counsellors will reach out to you and provide recommendations.

Everything shared is 100% confidential and secure.

I understand and agree that by choosing “Start My Own Budget”, I am voluntarily providing certain personal financial information in order to educate myself as to my current financial position. I understand that this budget tool is educational in nature, and that none of the information received in the form of a budget constitutes financial advice, nor does it constitute a counselling session. I understand and agree that the budget depends on the information I input into the fields, and that Company does not represent or guarantee the accuracy of the budget. I understand that this tool may collect information and should I choose not to provide such information, I am not to proceed further. If I choose to abandon the tool midway through the process, I understand that the information will not be maintained and I would be required to start providing the information from the beginning. Company disclaims all warranties associated with the budget tool herein. I understand and agree that Company may use the contact information provided herein to contact me through various means of communications, including automated messages, and that I expressly consent to receive these messages.

Consolidated Credit Counseling Services of Canada Inc BBB accredited business profile
BBB RATING: A+