Baie-Comeau
Consumer Proposals & Bankruptcy Help Today!
Baie-Comeau, debt help, Quebec
Baie-Comeau, located on the Saint Lawrence River, is known for its natural beauty and outdoor activities. Established in the 1950s, it has a history tied to the pulp and paper industry. However, the city’s job market has struggled, especially post-paper mill closure, leading to high living costs and increased debt. Residents face challenges in managing expenses, making debt relief necessary for financial stability.
City: Baie-Comeau
Province/Territory: Quebec (QC), Canada
Est. Population: 20,687
Financial Challenges
Many people in Baie-Comeau have trouble finding enough jobs, especially after the paper mill closed. Even though new projects like the Norderra Hub are starting, they might not create enough jobs quickly. This makes it hard for people to earn money and pay their bills.
Additionally, living costs can be high compared to the available income. With high debt and fewer job opportunities, it can be tough to manage expenses like housing, food, and healthcare. People might worry about paying for things they need every day and finding ways to save money.
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 Baie-Comeau, Quebec
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 | 9,723 |
| Living in poverty | Number of residents who are living in poverty | 2,296 |
| Debt defaulted | Number of residents who have defaulted on a debt payment | 225 |
| Insolvencies | Number of residents who filed for insolvency | 52 |
| Consumer proposal | Number of residents who filed for a consumer proposal | 39 |
| Personal bankruptcy | Number of residents who filed for personal bankruptcy | 12 |
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
Vieux-Baie-Comeau: This historic area features charming architecture and is situated near the St. Lawrence River. It’s known for its quaint shops, local restaurants, and cultural attractions, making it a picturesque neighborhood with a rich heritage.
Les Jardins: A residential area that boasts a mix of single-family homes and apartments. Les Jardins is known for its family-friendly environment, parks, and access to schools, making it a popular choice for families and working professionals.
Place LaSalle: This vibrant neighborhood is home to a large shopping center, restaurants, and recreational facilities. The area attracts many visitors and residents for its convenience and variety of services, making it a bustling hub in Baie-Comeau.
Secteur de la Rivière: Located near the river, this neighborhood offers beautiful views and outdoor activities, such as hiking and biking. Many residents enjoy the proximity to nature while still being close to urban amenities.
Montagnes du Nord: Known for its stunning natural landscapes, this area features hiking trails and outdoor recreational opportunities. It appeals to nature enthusiasts and those seeking a quieter lifestyle within easy reach of city conveniences.
Coulombe: A suburban neighborhood that offers a blend of tranquility and accessibility. Coulombe is known for its spacious properties and community-oriented atmosphere, ideal for those wanting to escape the hustle and bustle of the city while remaining close to essential services.
Illustration of Baie-Comeau, Quebec, Canada
Cost of Living
This table provides a breakdown of various average cost-of-living expenses in Baie-Comeau, Canada to help understand the financial requirements for different living situations.
| Item | Description | Average Cost |
|---|---|---|
| Housing (1BR) | Monthly rent for a 1-bedroom apartment | $1,270 |
| Housing (2BR) | Monthly rent for a 2-bedroom apartment | $1,750 |
| Average Home Price | Average price to purchase a home | $502,000 |
| Utilities | Monthly cost for electricity, heating, water, and garbage | $200 |
| 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 | $1,270 |
| Transportation (Car) | Monthly cost for car ownership | $550 |
| Childcare (Daycare) | Monthly cost for daycare | $650 |
| Childcare (After-School) | Monthly cost for after-school programs | $300 |
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 Baie-Comeau, Quebec?
- How does the job market in Baie-Comeau compare to other cities in Quebec?
- What are the primary industries driving the economy of Baie-Comeau?
- What assistance programs are available for residents facing financial challenges in Baie-Comeau?
- How do housing prices in Baie-Comeau affect the overall cost of living?
- What is the unemployment rate in Baie-Comeau, and how has it changed in recent years?
- Are there any economic development initiatives in Baie-Comeau aimed at improving residents’ financial situations?
If you have a question about debt see our debt related question or ask your own debt related question.
Overview
Located along the North Shore of the Saint Lawrence River, this city is known for its beautiful natural scenery and outdoor activities, including hiking, fishing, and snowmobiling. It was established in the 1950s and has a rich history connected to the pulp and paper industry, contributing to its growth and development over the years. The area is also well-regarded for its strong sense of community and offers a variety of cultural and recreational amenities for residents and visitors alike. The city’s location makes it an important hub for transportation, particularly with its port and proximity to major highways, enhancing trade and access to different regions.
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!