If high Ontario inflation has taken a toll on your finances, you are not alone. Ontario cities dominate the top 10 list of the Canadian cities with the highest credit card debt. In fact, the cities of Toronto, Barrie, Peterborough, Brantford, Kingston, Thunder Bay and Hamilton are part of the unflattering top 10 list, which has led many residents to seek out debt relief and consolidation programs.
Debt Relief Programs Available in Ontario
- Credit/Debt Counselling Agencies: this is probably your best option if you’re struggling with debt in Ontario. These nonprofits can offer you advice for FREE, and can even help you decrease your debt and eliminate interest.
- Debt Management Program (DMP): you can get a DMP from a credit counselling agency. It will help you repay your loans easily.
- Debt Consolidation Loans: while it’s NOT necessarily a good idea to get yet another loan, if you can secure a low-interest consolidation loan, you may end up lowering your debt. The key here is that the interest must be lower than your existing debts.
- Debt Settlement: this involves negotiating directly with your creditors to try to lower your debt and set up a payment plan. A Credit counselling agency can do that for you as well.
- Consumer Proposal: these can lower your debt substantially, often up to 50%-70%, but the impact on your credit score will be felt for years.
- Bankruptcy: Your last resort if you cannot repay your debt in Ontario. It will eliminate all or most of your debt, but the impact on your financial future is the most severe of all options.
Ontario’s Debt Relief, Counselling & Consolidation Companies
Here are some companies in Ontario that offer debt consolidation, counseling, and settlement services, along with their contact details, addresses, and reviews:
1. Consolidated Credit Counseling Services Canada
- Services Offered: Debt consolidation, credit counseling, and debt management programs.
- Ontario Address: 505 Consumers Road, Suite 400, Toronto, ON M2J 4V8
- Google Reviews: 4.7 stars based on 1,405 reviews.
- Description: Consolidated Credit is a nonprofit organization that helps individuals tackle debt through credit counseling, consolidation programs, and financial education. They assist with reducing interest rates and managing debt through structured repayment plans.
- Website: https://www.consolidatedcreditcanada.ca/
- Contact: 1-844-402-3073
2. Credit Canada Debt Solutions
- Services Offered: Credit counseling, debt consolidation, and debt management programs.
- Ontario Address: 2 County Court Blvd, Suite 414, Brampton, ON L6W 3W8
- Google Reviews: 4.7 stars based on 108 reviews.
- Description: Credit Canada is a nonprofit organization that provides personalized debt counseling and consolidation services to help manage and reduce debt. Their certified counselors offer free financial advice and help you explore all available debt relief options.
- Website: Credit Canada
- Contact: 1-800-267-2272
3. DebtCare Canada
- Services Offered: Debt settlement, debt consolidation, credit counseling, and consumer proposals.
- Ontario Address: 2 Bloor Street West, Suite 700, Toronto, ON M4W 3R1
- Google Reviews: 4.6 stars based on 98 reviews.
- Description: DebtCare Canada provides comprehensive debt relief services, including negotiating with creditors to reduce debt balances and creating manageable payment plans. They focus on personalized solutions tailored to your financial situation.
- Website: DebtCare Canada
- Contact: 1-888-890-0888
4. Credit Counseling Society
- Services Offered: Credit counseling, debt consolidation, and debt management programs.
- Ontario Address: 4310 Sherwoodtowne Blvd, Suite 301, Mississauga, ON L4Z 4C4
- Google Reviews: 4.9 stars based on 1,453 reviews.
- Description: The Credit Counseling Society offers nonprofit services to help individuals manage debt, create budgets, and improve their financial literacy. They are well-regarded for their supportive and educational approach to debt relief.
- Website: Credit Counseling Society
- Contact: 1-888-527-8999
5. David Sklar & Associates
- Services Offered: Debt consolidation, consumer proposals, bankruptcy, and credit counseling.
- Ontario Address: 180 Dundas Street West, Suite 1601, Toronto, ON M5G 1Z8
- Google Reviews: 4.8 stars based on 331 reviews.
- Description: David Sklar & Associates is a Licensed Insolvency Trustee firm that provides various debt relief options, including consumer proposals and bankruptcy services. They focus on helping individuals regain financial stability through personalized plans.
- Website: David Sklar & Associates
- Contact: 1-844-962-9200
6. Farber Debt Solutions
- Services Offered: Debt consolidation, consumer proposals, bankruptcy, and financial counseling.
- Ontario Address: 425 Bloor Street East, Suite 300, Toronto, ON M4W 3R4
- Google Reviews: 4.9 stars based on 1,214 reviews.
- Description: Farber Debt Solutions offers a wide range of debt relief services, including consumer proposals and bankruptcy. They are known for their compassionate approach and helping clients reduce their debt burden effectively.
- Website: Farber Debt Solutions
- Contact: 1-844-649-0040
Ontario Debt Government Resources
If you need to learn more about debt in Ontario, these resources may have your answers:
1 – Ontario Ministry of Government and Consumer Services
The Ministry offers all the information you need on consumer rights, including guidance on how to deal with debt collection agencies, understanding credit scores, and managing debt. They also provide advice on resolving disputes with creditors and understanding the legal aspects of debt collection in Ontario.
2 – Stop Collection Agency Calls
This Ontario Government resource explains everything you need to know about collection agencies in Ontario and how to stop them from contacting you.
3 – Ontario Ministry of Finance
The Ministry of Finance provides information when it comes to managing personal finances, including tax relief programs, information on filing for bankruptcy, and dealing with financial hardship. While not specifically focused on debt relief, understanding taxation and available credits can help manage financial stress.
4 – Ontario Works
Ontario Works provides financial and employment assistance to people in financial need, including those struggling with debt. This program offers short-term financial assistance and can connect you with services such as credit counseling.
5 – Financial Consumer Agency of Canada (FCAC)
The FCAC provides educational resources on managing debt, understanding your credit score, and working with credit counselors. They offer tools like a budget calculator and guidelines on how to deal with debt, including steps to take before considering bankruptcy.
6 – Canada’s Financial Literacy Program
The federal government’s Financial Literacy Program offers resources to help Canadians better manage their money, including tips on dealing with debt and planning for financial emergencies.
