Debt Consolidation in Action: Nova Scotia

See how we’ve helped other Nova Scotians overcome their issues with debt.

This page is designed to help you understand how debt impacts you and your fellow residents in Nova Scotia. We also show you some real-life case studies of how we’ve helped other Nova Scotians overcome their challenges. If you need help to get your debt under control, call us now at (844)-402-3073 or complete our easy debt analysis.

Debt statistics in Nova Scotia

Like many provinces in the Maritimes, Nova Scotians are faced with a high unemployment rate in comparison to the rest of Canada. The unemployment rate stands at 8.2 per cent, higher than the national average of 6.8 per cent. Many jobs in Nova Scotia are seasonal in nature and the unemployment rate reflects this. The average debt load of Nova Scotians is as follows:

  • Average credit card debt: $878.00 per borrower
  • Average student debt: $820.00
  • Average mortgage debt: $21,242.00
  • Average consumer debt (non-mortgage): $5,086

All of the above statistics are from Statistics Canada.

Insolvency Statistics

Canada20232022% Change
Total Insolvencies123,233100,18423.0%
Consumer Proposal97,01775,59828.3%
Bankruptcy26,21624,5866.6%
Nova Scotia20232022% Change
Total Insolvencies4,2993,46724.0%
Consumer Proposal3,1162,25937.9%
Bankruptcy1,1831,208-2.1%
Source: ic.gc.ca

Case Study

Jody from Bridgewater, NS

“They go to bat for you and are very understanding. ”

Where she started:
  • Total unsecured debt: $39,075.14
  • Estimated interest charges: $22,812.69
  • Time to payoff: 14 years, 9 months
  • Total monthly payments: $1,563.01
After DMP enrollment:
  • Average negotiated interest rate: 0.00%
  • Total interest charges: $0.00
  • Time to payoff: 4 years, 2 months
  • Total monthly payment: $787.00
Time Saved

10 years, 7 months

Monthly Savings

$776.01

Interest Saved

$22,812.69

Case Study

Darcie from Ingramport, NS

“I got into a bit of trouble with extra expenses in building my new home and tried to hang on paying the minimum payments but I wasn’t getting anywhere with getting rid of my debt. I had lots of sleepless nights trying to figure out where to turn and finally decided to call Consolidated Credit. I was sleeping normally again in no time and better yet: I’ll be debt free in 4 years! ”

Where she started:
  • Total unsecured debt: $25,873.00
  • Estimated interest charges: $15,270.78
  • Time to payoff: 16 years, 3 months
  • Total monthly payments: $2,023.19
After DMP enrollment:
  • Average negotiated interest rate: 1.25%
  • Total interest charges: $847.40
  • Time to payoff: 3 years, 4 months
  • Total monthly payment: $648.00
Time Saved

12 years, 11 months

Monthly Savings

$386.92

Interest Saved

$15,270.78

Case Study

Oliad H from Halifax, NS

“I am very delighted by your professional service!! ”

Where he started:
  • Total unsecured debt: $5,382.00
  • Estimated interest charges: $2,849.95
  • Time to payoff: 8 years, 11 months
  • Total monthly payments: $215.28
After DMP enrollment:
  • Average negotiated interest rate: 3.3%
  • Total interest charges: $416.66
  • Time to payoff: 4 years
  • Total monthly payment: $121.00
Time Saved

4 years, 11 months

Monthly Savings

$94.28

Interest Saved

$2,433.19

Talk to a trained credit counsellor now for a free debt and budget evaluation.

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Nova Scotia Cities

Halifax, NS

Dartmouth

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