Elliot Lake
Expert Debt Solutions & Relief Services
Elliot Lake, debt relief, Ontario
Elliot Lake, a Northern Ontario city known for its natural beauty and retirement living, faces financial challenges due to job losses from the decline of mining and retirement industries. The closure of a mall in 2012 increased living costs, and low wages make housing affordability difficult. Despite efforts to attract families and boost tourism, residents seeking debt relief may struggle to maintain financial stability.
City: Elliot Lake
Province/Territory: Ontario (ON), Canada
Est. Population: 11,372
Financial Challenges
Living in Elliot Lake can be tough for people who are having money problems. Many jobs used to come from mining and retirement services, but when these industries slowed down, lots of people lost their jobs. Even though new businesses are opening, finding a stable job can still be hard. The closing of a big mall in 2012 also meant fewer places to shop and earn money, making life more expensive for everyone.
For those who do have jobs, wages might not be high enough to cover all the costs. Renting or buying a home can be difficult, especially for families trying to save money. With many older people in the community, there can be more competition for services like healthcare, which can add extra costs. Although the city is trying to grow by attracting new families and boosting tourism, people who are already struggling might find it hard to keep up financially.
Debt Relief Solutions Available
Financial Planning
You are 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.
Find out more about Financial PlanningDebt Management Plan
Pay off your debt through consolidated payments and sometimes lower interest rates. In a Debt Management Plan (DMP), a credit counselor works with creditors to negotiate terms that make your debt more manageable, resulting in a single monthly payment.
Find out more about Debt ManagementDebt Consolidation
Combine multiple debts, such as credit card balances and personal loans, into a single loan with a lower interest rate. This can simplify your payment process and reduce the total interest charges over time, making it easier to pay down your debt.
Find out more about Debt ConsolidationDebt Settlement
Negotiate with your creditors to reduce the amount you owe in exchange for a reduced lump-sum payment. Creditors are willing to write off the debt because they receive immediate payment. Typically, these negotiations are handled by debt settlement companies.
Find out more about Debt SettlementConsumer 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 an LIT, the proposal will outline a fixed monthly payment plan you can afford.
Find out more about Consumer ProposalsBankruptcy
Personal bankruptcy is a legal process that relieves individuals who cannot repay their debts. It involves erasing most of your unsecured debts and giving you a fresh financial start, but it also has a long-term impact on your credit rating.
Find out more about Bankruptcy
*Illustration of Elliot Lake, Ontario
Debt Data
This table includes estimates 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 | 5,345 |
| Living in poverty | Number of residents who are living in poverty | 1,262 |
| Debt defaulted | Number of residents who have defaulted on a debt payment | 124 |
| Insolvencies | Number of residents who filed for insolvency | 28 |
| Consumer proposal | Number of residents who filed for a consumer proposal | 22 |
| Personal bankruptcy | Number of residents who filed for personal bankruptcy | 7 |
The estimates above are based on the following ratios living paycheck to paycheck rate (47%), poverty rate (11.1%), delinquency 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.
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
City Centre
The heart of Elliot Lake, the City Centre features various shops, restaurants, and services. It serves as a hub for community events and offers easy access to amenities.Willow Beach
A picturesque area along the shores of Elliot Lake, Willow Beach is known for its recreational opportunities, including swimming, fishing, and hiking. It provides a serene setting for outdoor activities.Hillside Avenue
Predominantly residential, this neighborhood is characterized by its family-friendly atmosphere and well-established homes. It offers proximity to schools and parks, making it ideal for families.The Pines
A quieter, more secluded neighborhood that is often sought after for its natural beauty and larger properties. The Pines is known for its mature trees and peaceful surroundings.Twin Lakes
This area is popular for its scenic lakes and recreational activities. It attracts both residents and visitors looking to enjoy outdoor activities such as boating, hiking, and nature walks.Tamarack Heights
A suburban neighborhood that offers newer developments and modern homes. Tamarack Heights is known for its spacious lots and is popular among those seeking a more contemporary living environment.
Illustration of Elliot Lake, Ontario, Canada
Cost of Living
This table provides a breakdown of various average cost-of-living expenses in Elliot Lake, Canada to help understand the financial requirements for different living situations.
| Item | Description | Average Cost |
|---|---|---|
| Housing (1BR) | Monthly rent for a 1-bedroom apartment | $2,400 |
| Housing (2BR) | Monthly rent for a 2-bedroom apartment | $3,000 |
| Average Home Price | Average price to purchase a home | $885,000 |
| Utilities | Monthly cost for electricity, heating, water, and garbage | $145 |
| Food (Single) | Monthly grocery cost for a single person | $350 |
| Food (Family) | Monthly grocery cost for a family of four | $1,000 |
| 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 | $2,400 |
| Transportation (Car) | Monthly cost for car ownership | $650 |
| Childcare (Daycare) | Monthly cost for daycare | $1,250 |
| Childcare (After-School) | Monthly cost for after-school programs | $400 |
The cost of living data is based on provincial averages and may differ between cities, towns, and rural areas.
Top Questions
- What is the average cost of living in Elliot Lake, Ontario?
- How has the economy of Elliot Lake changed in recent years?
- What are the main financial challenges faced by residents of Elliot Lake?
- Are there job opportunities in Elliot Lake for new residents?
- How do housing prices in Elliot Lake compare to other cities in Ontario?
- What local resources are available for financial assistance in Elliot Lake?
- What is the economic outlook for Elliot Lake over the next few years?
If you have a question about debt see our debt related question or ask your own debt related question.
Overview
Located in Northern Ontario, this city is known for its stunning natural scenery, including forests, lakes, and hiking trails that attract outdoor enthusiasts. Initially established as a mining town in the late 1950s, it has transformed over the decades and is now recognized for its retirement living and growing tourism sector. As part of its modernization efforts, the community has been developing new infrastructure and services to welcome families and younger residents while maintaining its rich history and connection to nature. With a modest population, it fosters a tight-knit atmosphere where residents enjoy a slower pace of life amidst beautiful surroundings.
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!