Ontario
Canadian Consumer Proposal & Debt Solution Experts
Struggling with debt in Ontario? You're not alone. Many Ontarians are dealing with the stress of constant calls from debt collectors, living paycheck to paycheck, and feeling unsure about where to turn. At Debt Insiders, we're here to guide you through debt relief options that banks and lenders won’t tell you about..
Financial Challenges
Navigating the financial landscape in Ontario presents some noteworthy challenges that are unique to its residents. One such issue is the pronounced housing affordability crisis, particularly in cities like Toronto. Homebuyers and renters alike face steep costs, with average home prices often out of reach for many, even as household incomes inch upwards. This forces many to stretch their finances to the brink, reducing savings or pushing people further afield to find affordable living options. Let’s face it; living far from work isn’t just about longer commutes — it’s the extra coffee stops and fuel expenses that sneak up on your budget.
Another pressing concern is the escalating cost of living, paired with relatively stagnant wages for many sectors. Essentials like groceries, utilities, and transportation are seeing steady price increases. It’s not just about tightening the belt; imagine having to choose between cutting that Netflix subscription or your favorite latte run to balance your budget. Furthermore, the shift towards a gig economy adds to financial instability. Many people find themselves juggling multiple part-time jobs without the security net that full-time employment usually provides, making it tough to plan for emergencies or retirement. Balancing all these financial pressures is definitely tricky and requires savvy planning and a bit of creativity.
Annual Debt Comparison
This table provides comparison of annual debt data in Ontario, Canada to help understand how debt and debt solutions are changing in the province.
| Debt or Debt Solution Item | 2022 | 2023 | % Change |
|---|---|---|---|
| Estimated population | 15,283,961 | 15,801,768 | 3% |
| Number of bankruptcies | 7,133 | 12,531 | 76% |
| Number of consumer proposals | 27,603 | 35,800 | 30% |
| Total number of insolvencies | 34,736 | 48,331 | 39% |
| Average bankruptcy asset amount | $20,439 | $21,908 | 7% |
| Average bankruptcy debt amount | $92,949 | $105,516 | 14% |
| Average consumer proposal asset amount | $54,547 | $81,139 | 49% |
| Average consumer proposal debt amount | $65,014 | $92,176 | 42% |
| Median after-tax income | $72,000 | $73,000 | 1% |
| Average debt amount | $20,878 | $21,333 | 2% |
Data sources include ised-isde.canada.ca, statcan.gc.ca and consumer.equifax.ca. areas.
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