Debt Consolidation in Action: Ontario

See how we’ve helped other Ontarians overcome their issues with debt.

This page will help you know how debt impacts you and other Ontarians in your province. We also show you case studies of clients we’ve helped over the years with managing their debt. If you need help with your debt management, call us at 1-888-628-5933 or complete our easy debt analysis from your phone.

Debt statistics in Ontario

The unemployment rate of Ontario is 6.4 per cent which is 0.4 below the national average. Although, the unemployment rate is trending lower in Ontario, youth unemployment as well as employment for men is trending higher. This current employment trend could be a direct result of various American manufacturers and retailers closing shop in Ontario. Given these challenges, it leaves many Ontarians vulnerable to debt. Here are some highlights:

  • Average credit card debt: $13,234 per borrower
  • Average student debt: $12,318
  • Average mortgage debt: $409,421
  • Average consumer debt (non-mortgage): $86,386

All of the above statistics are from Statistics Canada.

Alexander from Toronto, ON

My experience with Consolidated Credit has been awesome. I was in so much stress and as soon as I was talking with my consultant, I felt a lot better. They are really kind and very understanding and were able to come up with a solution for me that made sense and made things so much easier. I appreciate all the help and this program is something I would 100% refer friends and family too. Everyone deserves to be debt free. Thank you.

Where he started:

  • Total unsecured debt: $18,201.53
  • Estimated interest charges: $6,138.53
  • Time to payoff: 11 years, 1 months
  • Total monthly payments: $491.32

After DMP enrollment:

  • Average negotiated interest rate: 0.00%
  • Total interest charges: $0.00
  • Time to payoff: 3 years
  • Total monthly payment: $333.00
Time Saved:
8 years, 1 month
Monthly Savings:
$158.32
Interest Saved:
$6138.53
Eric from Toronto, ON

Very helpful. Never thought I could get out of debt that easy.

Where he started:

  • Total unsecured debt: $25,639.76
  • Estimated interest charges: $9,226.81
  • Time to payoff: 12 years, 5 months
  • Total monthly payments: $660.68

After DMP enrollment:

  • Average negotiated interest rate: 3.98%
  • Total interest charges: $1,559.84
  • Time to payoff: 3 years, 10 months
  • Total monthly payment: $392.00
Time Saved:
8 years, 7 months
Monthly Savings:
$268.68
Interest Saved:
$7,666.97
Melania from Toronto, ON

Great Experience!

Where she started:

  • Total unsecured debt: $14,294.26
  • Estimated interest charges: $5,044.26
  • Time to payoff: 9 years, 6 months
  • Total monthly payments: $370.00

After DMP enrollment:

  • Average negotiated interest rate: 1.25%
  • Total interest charges: $371.08
  • Time to payoff: 4 years, 3 months
  • Total monthly payment: $192.00
Time Saved:
5 years, 3 months
Monthly Savings:
$178.00
Interest Saved:
$4,673.18