Debt Consolidation in Action: Quebec
See how we’ve helped other Quebecers overcome their issues with debt.
This page can help you know how debt impacts you and many others in the province and give you more information about Quebec debt consolidation. We also show you some case studies of clients who we’ve helped to manage their debt. If you need help to overcome your challenges with debt, call us at 1-888-294-3130 or complete our easy debt analysis.
High-Level View of Quebec Debt
According to the federal government’s Ministry of Finance department, Quebec’s gross debt as of March 31, 2020 is $197.7 billion. According to the Quebec debt clock, the average debt per taxpayer is $64,563.30. While the province has been experiencing economic growth over the last few years, the debt burden is too high.
However, the gross debt was 48 per cent of Gross Domestic Product. The Quebec government was able to reach its goal of 43 per cent of GDP this year. The expected GDP ratio will be as low as 38.9 per cent by the year 2026.
Learn more about the public sector’s debt as it pertains to you.
Debt statistics in Quebec
The unemployment rate in Quebec is above the national average at 7.0 per cent. Although Quebec is 0.2 per cent above the national unemployment rate of 6.8 per cent, recent findings from the June Labour Force Survey indicate the unemployment rate in the province of Quebec is trending lower. Nevertheless, like many other Canadians Canada-wide – Quebecers have not been immune to the cycle of debt. The average debt load statistics of Quebecers’ public finances are as follows:
- Average credit card debt: $7,409.00 per borrower
- Average student debt: $3,221.00
- Average mortgage debt: $185,303.00
- Average consumer debt (non-mortgage): $51,582.00
All of the above statistics are from Statistics Canada.
Lisa from Pointe-Claire, QCWonderful friendly helpful people!!!
Where she started:
- Total unsecured debt: $44,000.00
- Estimated interest charges: $26,020.67
- Time to payoff: 15 years, 5 months
- Total monthly payments: $1,760.00
After DMP enrollment:
- Average negotiated interest rate: 0.00%
- Total interest charges: $0.00
- Time to payoff: 4 years 2 months
- Total monthly payment: $873.00
Nina from Montreal, QCIt was great.
Where she started:
- Total unsecured debt: $5,985.00
- Estimated interest charges: $3,464.41
- Time to payoff: 11 years, 9 months
- Total monthly payments: $239.40
After DMP enrollment:
- Average negotiated interest rate: 0.00%
- Total interest charges: $0.00
- Time to payoff: 4 years, 0 months
- Total monthly payment: $126.00
Diane from Montreal, QCCustomer service with consolidated credit has been very helpful to me. I am very happy with the service. I am anxious to finish paying my bill though.
Where she started:
- Total unsecured debt: $8,511.00
- Estimated interest charges: $4,600.52
- Time to payoff: 10 years, 0 months
- Total monthly payments: $340.44
After DMP enrollment:
- Average negotiated interest rate: 4.98%
- Total interest charges: $718.18
- Time to payoff: 3 years, 4 months
- Total monthly payment: $231.00
Christina from Montreal, QCVery good service everyone was helpful and kind.
Where she started:
- Total unsecured debt: $18,600.00
- Estimated interest charges: $10,780.58
- Time to payoff: 13 years, 7 months
- Total monthly payments: $744.00
After DMP enrollment:
- Average negotiated interest rate: 0.00%
- Total interest charges: $0.00
- Time to payoff: 3 years, 10 months
- Total monthly payment: $402
Monica from Gatineau, QCI was very pleased with the service I received.
Where she started:
- Total unsecured debt: $4,966.00
- Estimated interest charges: $2,600.11
- Time to payoff: 8 years, 10 months
- Total monthly payments: $198.64
After DMP enrollment:
- Average negotiated interest rate: 0.00%
- Total interest charges: $0.00
- Time to payoff: 3 years, 4 months
- Total monthly payment: $125
Franco from Laval, QCExcellent customer service.
Where he started:
- Total unsecured debt: $8,792.00
- Estimated interest charges: $5,022.21
- Time to payoff: 12 years, 5 months
- Total monthly payments: $351.68
After DMP enrollment:
- Average negotiated interest rate: 0.00%
- Total interest charges: $0.00
- Time to payoff: 4 years, 0 months
- Total monthly payment: $184
Paula from Laval, QCI have been treated with courtesy and respect and am very comfortable recommending consolidated credit to anyone I know.
Where she started:
- Total unsecured debt: $13,600.00
- Estimated interest charges: $7,780.36
- Time to payoff: 12 years, 4 months
- Total monthly payments: $544.00
After DMP enrollment:
- Average negotiated interest rate: 3.67%
- Total interest charges: $2,077.71
- Time to payoff: 4 years, 1 months
- Total monthly payment: $320
Francois from Lanoraie, QCThank you very much. You made it easy when usually; it is hard to deal with debt.
Where he started:
- Total unsecured debt: $67,765.00
- Estimated interest charges: $40,026.74
- Time to payoff: 16 years, 5 months
- Total monthly payments: $2,710.60
After DMP enrollment:
- Average negotiated interest rate: 0.00%
- Total interest charges: $0.00
- Time to payoff: 3 years, 4 months
- Total monthly payment: $1,697.00
Devyn from Gatineau, QCI haven't had any problems with your company thus far. Thank you for your good service up until now!
Where he started:
Total unsecured debt: $2,714.00
Estimated interest charges: $1,185.83
Time to payoff: 7 years, 9 months
Total monthly payments: $119.24
After DMP enrollment:
Average negotiated interest rate: 1.25%
Total interest charges: $166.72
Time to payoff: 2 years, 4 months
Total monthly payment: $104.00
Michel from Gatineau, QCWonderful service.
Where he started:
- Total unsecured debt: $25,234.78
- Estimated interest charges: $14,508.59
- Time to payoff: 13 years, 2 months
- Total monthly payments: $1,009.39
After DMP enrollment:
Average negotiated interest rate: 0.00%
Total interest charges: $0.00
Time to payoff: 3 years, 7 months
Total monthly payment: $587.00