Nunavut
Expert Debt Advice - Consumer Proposals Canada
Financial struggles in Nunavut can feel isolating, but Debt Insiders is here to provide clear debt relief solutions designed for your territory. Whether you're facing credit card debt or loans, we’re here to help.
Financial Challenges
The financial challenges faced by residents are unique due to several distinct factors. First off, the high cost of living is a significant issue, as most goods need to be flown or shipped in from the south, leading to exorbitant prices for everyday items. For example, a gallon of milk can cost more than double the national average due to these transportation costs. Moreover, the heating costs in this cold climate can be staggering, leaving many with hefty energy bills during the long winters. This makes budgeting a tricky balancing act between everyday essentials and seasonal expenses.
Another challenge is limited access to financial services and employment opportunities. Many communities are remote and lack banks or ATMs, meaning residents often have to travel great distances, facing both time and additional costs, to manage their finances. Job opportunities are primarily concentrated in government positions, public services, and a handful of industries like mining, which might not cater to everyone’s skill set or career aspirations. Additionally, for those trying to start or grow a local business, securing funding can be difficult, as investors might hesitate due to perceived risks associated with remote operations and logistical expenses.
Annual Debt Comparison
This table provides comparison of annual debt data in Nunavut, Canada to help understand how debt and debt solutions are changing in the province.
| Debt or Debt Solution Item | 2022 | 2023 | % Change |
|---|---|---|---|
| Estimated population | 40,431 | 40,817 | 1% |
| Number of bankruptcies | 3 | 0 | Not available |
| Number of consumer proposals | 10 | 12 | 20% |
| Total number of insolvencies | 13 | 15 | 15% |
| Average bankruptcy asset amount | $0 | $160,998 | Not available |
| Average bankruptcy debt amount | $0 | $444,144 | Not available |
| Average consumer proposal asset amount | $14,024 | $4,829 | -66% |
| Average consumer proposal debt amount | $56,684 | $103,665 | 83% |
| Median after-tax income | $96,500 | $97,000 | 1% |
| Average debt amount | Not available | Not available | Not available |
Data sources include ised-isde.canada.ca, statcan.gc.ca and consumer.equifax.ca. areas.
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