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 1-888-294-3130 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.
Mary from River, NLI thought it was awesome program.
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
Melissa from Stephenville, NLI 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.
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, 0 months
- Total monthly payment: $187.00
Glen from Grandfallas-Windsor, NLGood.
Where he started:
- Total unsecured debt: $10,587.00
- Estimated interest charges: $6,225.69
- Time to payoff: 13 years, 8 months
- Total monthly payments: $423.48
After DMP enrollment:
- Average negotiated interest rate: 0.00%
- Total interest charges: $0.00
- Time to payoff: 4 years, 9 months
- Total monthly payment: $186.00
Nicole from Broad Cove Bdv, NLNo problem so far.
Where she started:
- Total unsecured debt: $7,248.00
- Estimated interest charges: $3,842.92
- Time to payoff: 9 years, 10 months
- Total monthly payments: $289.92
After DMP enrollment:
- Average negotiated interest rate: 0.00%
- Total interest charges: $0.00
- Time to payoff: 3 years, 8 months
- Total monthly payment: $165.00