Manitoba’s low cost of living is one reason why the province’s residents have one of the lowest consumer debt levels well below the Canadian average. As of Q2 of 2022, according to Statistics Canada Manitobans owe about $35,599 on average, which is lower than the debt level per capita in other Canadian provinces.
The total debt level per capita is just one measure of the financial health of most of Manitoba’s residents. It is also important to keep an eye on how fast consumer debt levels are growing, and the data is not encouraging for those who want to get out of debt quickly.
Rising home prices account for larger mortgage payments, which in turn lowers the average level of disposable income and drives the increase in consumer debt. Salaries are not keeping up with cost-of-living increases, and this is also a problem for those who are deep in consumer debt.
Manitoba debt consolidation loans are becoming quite popular because of these facts. Most people can benefit from a debt consolidation loan because it lowers the interest rate on their debt and frees up more money each month that can be spent on other things. Also, the convenience of having one consolidation loan instead of many different consumer debts should not be underestimated. Manitoba debt consolidation programs are known both for lowering your costs and for enabling you to keep up with your debt more easily. You can pursue debt consolidation yourself by taking out a loan directly from a bank, or you can enter consumer credit counselling and receive help in the process.
Debt consolidation in Manitoba is one solution, but you should also look at Canadian debt settlement. Like debt consolidation, debt settlement reduces your interest rate. However, a good settlement also reduces the principal you owe on your debt. You may have to pay off your creditors with a lump sum, but you will end up paying a lower total amount to all your creditors. For more information on debt relief options in Manitoba, fill out this online debt relief application and get help deciding on which solution is best for you.