Debt Consolidation in Action: Prince Edward Island

See how we’ve helped other Prince Edward Islanders overcome their issues with debt.

This page is designed to help you understand how debt impacts you and your fellow residents in Prince Edward Island. We also show you some real-life case studies of how we’ve helped other Prince Edward Islanders overcome their challenges. If you need help, call us (844)-402-3073 or complete our easy debt analysis.

Debt statistics in Prince Edward Island

Residents of Prince Edward Island are faced with an unemployment rate at 11.0 per cent. The unemployment rate is almost twice the national average. Given the shortages of work in the economy, residents are turning to debt to manage their expenses. The debt statistics for Prince Edward Islanders are as follows:

  • Average credit card debt: $2,276.00 per borrower
  • Average student debt: $2,753 .00
  • Average mortgage debt: $45,064.00
  • Average consumer debt (non-mortgage): $15,304.00

All of the above statistics are from Statistics Canada.

Insolvency Statistics

Canada20202019% Change
– Total Insolvencies96,458137,178-30%
– Consumer Proposal63,57882,769-23%
– Bankruptcy32,88054,409-40%
Prince Edward Island20202019
– Total Insolvencies426749-43%
– Consumer Proposal223363-39%
– Bankruptcy203386-47%
Source: ic.gc.ca

Real Case Studies


David is thankful he called

Great help from all.

David from Charlottetown, PEI

Where he started:

  • Total unsecured debt: $55,900.00
  • Estimated interest charges: $32,786.87
  • Time to payoff: 16 years, 4 months
  • Total monthly payments: $2,239.00

After DMP enrollment:

  • Average negotiated interest rate: 0.00%
  • Total interest charges: $92.22
  • Time to payoff: 4 years
  • Total monthly payment: $1,185.00

Time Saved: 12 years, 4 months

Monthly Savings: $1,054.00.32

Interest Saved: $32,694.65


Chad is relieved from stress

I can’t thank you guys enough! It certainly relieved a lot of stress from our lives! Plus a feeling of accomplishment to get rid of debt! THANKS

Chad from Summerside, PEI

Where he started:

  • Total unsecured debt: $20,260.00
  • Estimated interest charges: $11,523.55
  • Time to payoff: 12 years, 7 months
  • Total monthly payments: $810.40

After DMP enrollment:

  • Average negotiated interest rate: 1.00%
  • Total interest charges: $31.92
  • Time to payoff: 3 years, 4 months
  • Total monthly payment: $508.00

Time Saved: 9 years, 3 month

Monthly Savings: $302.40

Interest Saved: $11,491.63

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