Fredericton

Debt Relief & Credit Counselling

Fredericton, debt relief, New Brunswick

Fredericton, set by the Saint John River, combines rich history and vibrant culture with challenges like inflated housing prices due to a growing tech sector, impacting low-income residents. Local small businesses struggle against national chains, while seasonal employment in tourism and agriculture creates income instability. These factors highlight the need for effective debt relief solutions in the community.

Fredericton cityscape along the Saint John River highlighting local debt relief challenges and vibrant community culture.

Artist representation of Fredericton, Canada

City: Fredericton
Province/Territory: New Brunswick (NB), Canada
Est. Population: 64,614

Overview

Situated along the majestic Saint John River, this city is known for its rich history, vibrant culture, and stunning natural scenery. The area boasts a blend of historic architecture, modern amenities, and abundant green spaces, making it an attractive place for both residents and visitors. With a strong sense of community, it hosts various festivals, art exhibits, and outdoor activities throughout the year, celebrating its diverse heritage and fostering a lively atmosphere. The local education system is notable, anchored by established institutions that contribute to a well-educated population.

Debt Relief Solutions Available

SolutionDescription
Financial PlanningCreating a detailed plan to manage your finances, including budgeting, setting financial goals, and saving for future needs. It’s about gaining control over your money, making informed decisions, and reducing the likelihood of new debt.
Debt ManagementPay off your debt through consolidated payments and sometimes lower interest rates. In a Debt Management Program (DMP) we work with your creditors to negotiate terms that make your debt more manageable, resulting in a single monthly payment.
Debt ConsolidationCombine multiple debts, such as credit card balances, personal loans, and other liabilities, into a single loan with a lower interest rate. This can simplify your payment process and potentially reduce the total interest charges over time, making it easier to pay down your debt faster.
Debt SettlementNegotiate with your creditors to reduce the amount you owe in exchange for a lump-sum payment. Typically, these negotiations are handled by us on your behalf. By accepting a reduced payment, creditors are often willing to write off the remaining debt because they receive immediate payment.
Consumer ProposalA consumer proposal is a legally binding agreement between you and your creditors to repay a portion of your debt over an extended period. Administered by a licensed insolvency trustee, the proposal will outline a fixed monthly payment plan you can afford while providing a structured path to debt relief. Finding the right Trustee is critical and we know the best ones and the ones to avoid.
Personal BankruptcyPersonal bankruptcy is a legal process that provides relief to individuals who cannot repay their debts. The process involves erasing most of your unsecured debts, giving you a financial fresh start, but it also comes with a long-term impact to your credit rating. Finding the right Trustee is critical and we know the best ones and the ones to avoid.

*These are some of the debt relief options available in



Financial Challenges

One unique financial challenge in the area arises from the rapid growth of the tech sector. While this budding industry brings opportunities, it also inflates housing prices since tech employees generally earn higher salaries. This sudden price hike impacts the affordability of homes for long-time residents and those with lower incomes. Imagine juggling tech boom excitement and the dread of skyrocketing rent – not a fun mix!

Additionally, local small businesses often struggle to compete with larger national chains. Despite the community’s love for local flair, limited access to capital makes it difficult for these smaller operations to scale or even sustain themselves. Ever tried keeping up with the Joneses when the Joneses are a big-box store? Tough gig.

Another issue faced here is the seasonality of employment. Many residents rely on industries like tourism or agriculture, which see significant fluctuations in job availability throughout the year. This instability makes it tough to maintain a steady income, much less plan for the future. It’s like trying to budget when your income keeps doing the cha-cha.

Elimiate up to 80% of Your Debt

High cost of gas, high cost of groceries, high lending rates, low salary - being in debt is not your fault! See if you qualify for government debt programs and get out of debt today!

Write off up to 80% of your debts Reduce debts into one affordable monthly payment Stop all collections calls No interest and charges (completely frozen) Government-legislated debt relief programs

Areas / Neighbourhoods

  • Downtown Fredericton
    The heart of the city, Downtown Fredericton is known for its vibrant atmosphere, historic architecture, and a mix of shops, restaurants, and cultural attractions. It hosts various events and festivals throughout the year, making it a lively hub for residents and visitors alike.

  • Northside
    A growing residential area, Northside offers family-friendly neighborhoods with access to parks and schools. It has seen significant development in recent years, with new shopping centers and amenities catering to its growing population.

  • Southside
    The Southside is a predominantly residential area featuring a range of housing options, from historic homes to modern developments. It is known for its community feel, with parks, walking trails, and local businesses that serve the neighborhood.

  • Marysville
    A charming historic community located just across the river from Fredericton, Marysville is known for its picturesque streets and heritage buildings. It has a quaint, small-town feel with local shops and is close to nature trails along the river.

  • Lincoln Heights
    A suburban neighborhood with a family-oriented atmosphere, Lincoln Heights features schools, parks, and recreational facilities. It is popular for its spacious homes and community events that promote neighborhood interaction.

  • Brookside
    A peaceful residential area, Brookside is characterized by its tree-lined streets and well-maintained homes. It offers a suburban lifestyle with easy access to downtown Fredericton and is known for its strong sense of community.

  • Odell Park
    Named after the large park it encompasses, the Odell Park area is highly sought after for its natural beauty and recreational opportunities. The park features walking trails, gardens, and sports facilities, making it a favorite spot for outdoor enthusiasts.

  • Fredericton Junction
    A bit further from the city center, Fredericton Junction offers a quiet rural lifestyle. It features a tight-knit community, picturesque landscapes, and is particularly appealing for those looking for a slower pace away from urban life.

  • Hanwell
    Located just outside Fredericton, Hanwell combines rural charm with suburban amenities. It is known for its larger lots, family-friendly environment, and access to outdoor activities, making it an attractive option for families looking for more space.

Top Questions

  1. What are the best attractions to visit in Fredericton?
  2. What outdoor activities are available in Fredericton?
  3. What is the history of Fredericton?
  4. What are the best restaurants and cafes in Fredericton?
  5. What events and festivals take place in Fredericton throughout the year?
  6. How is the cost of living in Fredericton compared to other Canadian cities?
  7. What are the educational institutions available in Fredericton?

Fredericton cityscape along the Saint John River highlighting local debt relief challenges and vibrant community culture. Debt solutions available.

Artist representation of Fredericton, Canada

Debt Data

This table includes estimate on the number of residents who are experiencing financial stress situations. You are not alone.

ItemDescriptionEstimated
Living paycheck to paycheckNumber of residents who are living paycheck to paycheck30,369
Living in povertyNumber of residents who are living in poverty7,172
Debt defaultedNumber of residents who have defaulted on a debt payment704
InsolvenciesNumber of residents who filed for insolvency162
Consumer proposalNumber of residents who filed for a consumer proposal123
Personal bankruptcyNumber of residents who filed for personal bankruptcy39

The estimates above are based on the following ratios living paycheck to paycheck rate (47%), poverty rate (11.1%), deliquency rate (1.09%), insolvency rate (0.25%), consumer proposal rate (0.19%), personal bankruptcy rate (.06%) from the following sources leger360.com, statcan.gc.ca, consumer.equifax.ca and is, d-isde.canada.ca.

Cost of Living

This table provides a breakdown of various average cost-of-living expenses in Fredericton, Canada to help understand the financial requirements for different living situations.

ItemDescriptionAverage Cost
Housing (1BR)Monthly rent for a 1-bedroom apartment$850
Housing (2BR)Monthly rent for a 2-bedroom apartment$1,200
Average Home PriceAverage price to purchase a home$288,000
UtilitiesMonthly cost for electricity, heating, water, and garbage$200
Food (Single)Monthly grocery cost for a single person$300
Food (Family)Monthly grocery cost for a family of four$850
Healthcare (Rx)Monthly cost for prescription medications$35
Healthcare (Dental)Monthly cost for dental care$200
Healthcare (Vision)Monthly cost for vision care$225
Transportation (Public)Monthly cost for public transit$850
Transportation (Car)Monthly cost for car ownership$550
Childcare (Daycare)Monthly cost for daycare$900
Childcare (After-School)Monthly cost for after-school programs$350

The cost of living data is based on provincial averages and may differ between cities, towns, and rural areas.



Elimiate up to 80% of Your Debt

High cost of gas, high cost of groceries, high lending rates, low salary - being in debt is not your fault! See if you qualify for government debt programs and get out of debt today!

Write off up to 80% of your debts
Reduce debts into one affordable monthly payment
Stop all collections calls
No interest and charges (completely frozen)
Government-legislated debt relief programs