PEI
Consumer Proposal & Government Programs Nationwide
Dealing with financial strain in Prince Edward Island? We know it’s tough, but Debt Insiders is here to help guide you toward debt relief options designed for Islanders. We’ll help you take back control of your finances.
Financial Challenges
Small-island economics can be tricky and Prince Edward Island is no exception. One unique financial challenge here is its limited job market. The province relies heavily on seasonal industries like agriculture, fishing, and tourism, which means employment can be inconsistent and heavily influenced by external factors. Think weather patterns for agriculture or global travel trends affecting tourism. The lack of diverse job opportunities often makes it difficult for residents to find stable, year-round employment, leading many to either seek work off-island or in different sectors. This situation creates a financial juggling act for families, who have to plan around fluctuating income streams year after year.
Another hurdle revolves around the high cost of living, particularly concerning housing. The island has seen an uptick in real estate prices, fueled partly by the influx of newcomers and retirees attracted to its picturesque landscapes. However, for local residents, this means grappling with housing costs that don’t necessarily align with average income levels in the province. For instance, someone working in the fishing industry may find their paycheck doesn’t stretch far enough to afford a home, leading to a squeeze on monthly budgets. This situation is exacerbated by limited rental availability, making it difficult to find affordable housing options. Lack of infrastructure and connectivity in smaller communities can also add to daily expenses, as residents often need to commute longer distances for work or access to services.
Annual Debt Comparison
This table provides comparison of annual debt data in Prince Edward Island (PEI), Canada to help understand how debt and debt solutions are changing in the province.
| Debt or Debt Solution Item | 2022 | 2023 | % Change |
|---|---|---|---|
| Estimated population | 169,146 | 175,853 | 1% |
| Number of bankruptcies | 123 | 169 | -27% |
| Number of consumer proposals | 379 | 274 | 38% |
| Total number of insolvencies | 502 | 443 | -13% |
| Average bankruptcy asset amount | $21,406 | $23,902 | 12% |
| Average bankruptcy debt amount | $76,458 | $69,387 | -9% |
| Average consumer proposal asset amount | $79,306 | $68,632 | -13% |
| Average consumer proposal debt amount | $93,094 | $84,637 | -9% |
| Median after-tax income | $63,700 | $64,200 | 1% |
| Average debt amount | $21,916 | $22,165 | 1% |
Data sources include ised-isde.canada.ca, statcan.gc.ca and consumer.equifax.ca. areas.
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