Paradise
Credit Counselling & Debt Solutions
Paradise, debt relief, Newfoundland and Labrador
Paradise, Newfoundland and Labrador, is a growing community near St. John’s, offering natural beauty and urban conveniences. However, residents face financial challenges with high living costs, limited job opportunities, and housing affordability issues. The local economy relies on retail and seasonal work, causing job instability. Additionally, transportation costs inflate prices for goods and services, further straining household budgets and complicating debt relief options.
Artist representation of Paradise, Canada
City: Paradise
Province/Territory: Newfoundland and Labrador (NL), Canada
Est. Population: 22,957
Overview
Nestled in the picturesque Newfoundland and Labrador, this rapidly growing community offers a unique blend of natural beauty and urban conveniences, situated just outside the vibrant city of St. John’s. With stunning coastal views, lush parks, and a thriving local culture, residents and visitors alike can engage in various outdoor activities while enjoying the area’s rich heritage. The local government is committed to fostering a family-friendly atmosphere, providing ample recreational facilities, and promoting community events, which enhances the quality of life and welcomes newcomers to the region.
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
Residents in this area face unique financial challenges driven by a high cost of living coupled with limited job opportunities. Despite its proximity to St. John’s, the town’s employment options are constrained largely to retail, government services, and seasonal work. This can lead to job instability and underemployment, making it difficult for families to make ends meet without seeking work in neighboring areas.
Housing affordability is another pressing issue. The real estate market has seen prices rise significantly over the years, making home ownership an elusive goal for many. Renters aren’t faring much better, with rental costs spiking and a limited supply of affordable units. This housing crunch puts extra strain on personal finances, often leading residents to allocate a disproportionate percentage of their income toward housing.
Lastly, the cost of goods and services tends to be higher due to transportation expenses. Being located on an island means that many products have to be shipped in, driving up prices on everything from groceries to clothing. This added cost of living further squeezes household budgets, making it challenging for residents to save or invest for the future.
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
Foxtrap: A community within Paradise known for its picturesque waterfront and recreational facilities. It offers access to parks, trails, and serene views, making it popular among families and outdoor enthusiasts.
Paradise Park: This area features a mix of residential homes and green spaces. It’s favored by families for its proximity to schools and community amenities, including playgrounds and sports fields.
Octagon Pond: A scenic neighborhood centered around a beautiful pond. It provides residents with access to walking trails and is ideal for those who enjoy nature and outdoor activities.
Woods Street: A quieter residential area known for its larger lots and established homes. It’s a desirable location for those seeking a peaceful environment, with convenient access to local services and amenities.
Paradise Heights: A growing neighborhood that offers modern housing options and stunning views. It’s popular among young professionals and families due to its proximity to schools and shopping areas.
Cloverleaf: A conveniently located community characterized by its family-friendly atmosphere and well-maintained parks. This area attracts residents looking for a tight-knit community feel while still being close to urban conveniences.
Riverside: Known for its tranquil surroundings and proximity to the local river, this neighborhood is popular among outdoor lovers and those looking for a scenic place to live.
Thorneness: A charming area with a mix of new and established homes, Thorneness is appreciated for its community spirit and friendly neighbors, making it ideal for families and newcomers alike.
Paradisewood: A newer development characterized by contemporary homes and landscaped gardens. It is gaining popularity among young families and professionals for its modern amenities and community engagement initiatives.
Top Questions
- What is the population of Paradise, Newfoundland and Labrador?
- What are the main attractions and activities in Paradise?
- What schools and education facilities are available in Paradise?
- What is the weather like in Paradise throughout the year?
- How does the cost of living in Paradise compare to other Newfoundland towns?
- What recreational facilities and parks are available in Paradise?
- What are the transportation options for getting to and around Paradise?
Artist representation of Paradise, 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 | 10,790 |
| Living in poverty | Number of residents who are living in poverty | 2,548 |
| Debt defaulted | Number of residents who have defaulted on a debt payment | 250 |
| Insolvencies | Number of residents who filed for insolvency | 57 |
| Consumer proposal | Number of residents who filed for a consumer proposal | 44 |
| Personal bankruptcy | Number of residents who filed for personal bankruptcy | 14 |
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 Paradise, Canada to help understand the financial requirements for different living situations.
| Item | Description | Average Cost |
|---|---|---|
| Housing (1BR) | Monthly rent for a 1-bedroom apartment | $1,255 |
| Housing (2BR) | Monthly rent for a 2-bedroom apartment | $1,700 |
| Average Home Price | Average price to purchase a home | $288,000 |
| Utilities | Monthly cost for electricity, heating, water, and garbage | $210 |
| 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 | $1,255 |
| 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!