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 1-888-628-5933 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, NL

I thought it was awesome program.

Where she started:

  • Total unsecured debt: $41,084.60
  • 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
  • Time Saved:
    10 years,7 months
    Monthly Savings:
    $402.60
    Interest Saved:
    $8,569.12
    Melissa from Stephenville, NL

    I 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: $8,799.24
  • 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
  • Time Saved:
    6 years, 7 months
    Monthly Savings:
    $55.32
    Interest Saved:
    $1,910.70
    Glen from Grandfallas-Windsor, NL

    Good.

    Where he started:

  • Total unsecured debt: $16,812.69
  • 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
  • Time Saved:
    8 years, 11 months
    Monthly Savings:
    $237.48
    Interest Saved:
    $6,225.69
    Nicole from Broad Cove Bdv, NL

    No problem so far.

    Where she started:

  • Total unsecured debt: $11,090.92
  • 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
  • Time Saved:
    6 years, 2 months
    Monthly Savings:
    $124.92
    Interest Saved:
    $3,842.92