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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

Canada	2022	2021	% Change
Total Insolvencies	100,184	90,092	11.2%
Consumer Proposal	75,598	62,631	20.7%
Bankruptcy	24,586	27,641	-10.5%
Prince Edward Island	2022	2021	% Change
Total Insolvencies	443	384	15.4%
Consumer Proposal	274	215	27.4%
Bankruptcy	169	169	0%

Source: ic.gc.ca

Case Study

Chad from Summerside, PEI

“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 ”

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 months

Monthly Savings

$302.40

Interest Saved

$11,491.63

Case Study

David from Charlottetown, PEI

“Great help from all. ”

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

$1,054.32

Interest Saved

$32,694.65

Talk to a trained credit counsellor for a free evaluation.

Prince Edward Island Cities

Charlottetown

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