Moncton
Trusted Debt Management Counselling
Moncton, debt relief, New Brunswick
Moncton, a vibrant city in New Brunswick, faces significant financial challenges including rising housing costs, limited job market diversity, and increased demand for public services. The surge in home prices hinders first-time buyers, while low-wage jobs in key sectors create financial instability. As the population grows, public services are strained, leading to longer wait times and higher living costs, impacting residents’ overall financial health and access to debt relief options.
Artist representation of Moncton, Canada
City: Moncton
Province/Territory: New Brunswick (NB), Canada
Est. Population: 119,785
Overview
Nestled in the heart of New Brunswick, this vibrant city is known for its rich cultural tapestry and lively atmosphere, characterized by an engaging mix of history and modernity. As one of the largest urban centers in the province, it boasts a range of attractions, including beautiful parks, a bustling downtown area, and a variety of festivals that celebrate its diverse community. The city’s strategic location makes it a hub for transportation and commerce, with easy access to both major highways and rail systems, enhancing its connectivity to other regions. With a population that reflects its welcoming nature, it is a place where locals proudly showcase their Acadian heritage while embracing new influences, creating a unique blend of traditions and contemporary culture.
Debt Relief Solutions Available
| Solution | Description |
|---|---|
| Financial Planning | Creating 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 Management | Pay 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 Consolidation | Combine 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 Settlement | Negotiate 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 Proposal | A 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 Bankruptcy | Personal 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 of the pressing financial challenges facing residents is the rising cost of housing. Over the past few years, housing prices have surged, making it difficult for first-time homebuyers to enter the market. For instance, the average price for a home has gone up significantly, which is pushing more and more people to rent. But even the rental market is feeling the pinch, with monthly rates climbing steadily. This dual pressure makes it tough for residents to find affordable housing options, straining their overall finances.
Another unique issue is the relatively limited job market diversity. The local economy relies substantially on a few key sectors like retail, manufacturing, and the call center industry. While these provide jobs, they often do not offer high wages or job security. Consequently, many families are finding it tough to achieve financial stability. Jobs in these industries frequently pay just enough to cover basic expenses, but leave little room for savings or investments, making it harder to build long-term financial health.
Lastly, the impact of a growing population on public services cannot be ignored. As the city’s population expands, there’s an increased demand for healthcare, education, and public transportation. While this growth brings opportunities, it also strains existing infrastructure. For many residents, this means longer wait times for medical appointments, more crowded classrooms, and more time spent commuting. These factors can indirectly increase living costs, putting further strain on household budgets.
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!
Areas / Neighbourhoods
Downtown Moncton: The vibrant heart of the city, Downtown Moncton is known for its bustling atmosphere, shops, restaurants, and cultural attractions. The area also hosts events and festivals, making it a lively hub for both locals and visitors.
West Moncton: A largely residential area, West Moncton features family-friendly neighborhoods with parks and schools. It’s appreciated for its community feel and offers a variety of amenities, making it popular among families and professionals.
Dieppe: Although technically a separate city, Dieppe is often considered part of the Moncton metropolitan area. Known for its multicultural community, Dieppe boasts various shopping centers, parks, and recreational facilities, attracting many Moncton residents.
North End: This area is characterized by a mixture of residential and commercial properties. The North End offers access to several amenities, including grocery stores, schools, and parks, making it a desirable location for families and young professionals.
Fairview Knoll: A quiet suburban neighborhood, Fairview Knoll is noted for its spacious homes and nearby green spaces. It provides a peaceful environment while still being close to various amenities, appealing to those seeking a serene lifestyle.
Moncton East: Known for its scenic views and proximity to the magnetic Hill attraction, Moncton East is popular among nature enthusiasts. The area features a mix of residential homes and recreational areas, making it suitable for outdoor activities.
The Mapleton Area: This neighbourhood is favored for its newer homes and family-oriented atmosphere. Mapleton is close to schools, parks, and shopping areas, making it an attractive option for families looking for a community-oriented living environment.
Sunny Brae: A well-established suburb, Sunny Brae is known for its spacious lots and mature trees. It offers a family-friendly vibe with easy access to amenities and is appreciated for its community engagement and various local events.
Champlain Heights: This area features a mix of single-family homes and condominiums. Champlain Heights is known for its parks and recreational facilities, making it a popular community for active families and individuals.
Riverview: Just across the river from Moncton, Riverview boasts a friendly, small-town atmosphere with convenient access to Moncton’s amenities. With its parks and schools, it provides a great environment for families while also possessing a strong sense of community.
Top Questions
- What are the top attractions to visit in Moncton?
- What is the best time of year to visit Moncton?
- What are some popular restaurants in Moncton?
- How do I get to Moncton from other major cities in Canada?
- What recreational activities are available in Moncton?
- What events and festivals are held in Moncton throughout the year?
- What are the best neighborhoods to live in Moncton?
Artist representation of Moncton, Canada
Debt Data
This table includes estimate on the number of residents who are experiencing financial stress situations. You are not alone.
| Item | Description | Estimated |
|---|---|---|
| Living paycheck to paycheck | Number of residents who are living paycheck to paycheck | 56,299 |
| Living in poverty | Number of residents who are living in poverty | 13,296 |
| Debt defaulted | Number of residents who have defaulted on a debt payment | 1,306 |
| Insolvencies | Number of residents who filed for insolvency | 299 |
| Consumer proposal | Number of residents who filed for a consumer proposal | 228 |
| Personal bankruptcy | Number of residents who filed for personal bankruptcy | 72 |
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 Moncton, Canada to help understand the financial requirements for different living situations.
| Item | Description | Average Cost |
|---|---|---|
| Housing (1BR) | Monthly rent for a 1-bedroom apartment | $850 |
| Housing (2BR) | Monthly rent for a 2-bedroom apartment | $1,200 |
| Average Home Price | Average price to purchase a home | $288,000 |
| Utilities | Monthly 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!