New Brunswick
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If you’re feeling buried by debt in New Brunswick, you don’t have to face it alone. Debt Insiders offers clear and reliable debt relief strategies specific to your province, so you can get back on your feet.
Financial Challenges
Residents here often face unique financial challenges largely influenced by the province’s economic structure and demographic trends. One notable issue is the impact of an aging population on the local economy. With a significant portion of residents approaching retirement age, there’s increased pressure on public health and pension systems. This demographic shift tends to limit economic growth and strain social services, making it harder for the government to balance budgets without cutting essential services or increasing taxes. Additionally, younger people often leave for better opportunities in other provinces, which can lead to labor shortages and a smaller tax base to support infrastructure and community programs.
Another challenge is the province’s reliance on certain industries such as forestry, fishing, and mining, which are subject to global market fluctuations. When markets dip, jobs can be lost, affecting families who depend on these sectors. Moreover, many of these jobs are seasonal, which makes financial stability difficult for workers. To add to this, there are often fewer high-paying job opportunities outside these traditional industries, making it tougher for young professionals to justify staying. Affordable housing remains an issue in some areas, exacerbating financial stress for residents who already face high costs for basic needs like food and energy. Together, these factors create a financial landscape that requires residents to be particularly strategic and proactive about their money management.
Annual Debt Comparison
This table provides comparison of annual debt data in New Brunswick, Canada to help understand how debt and debt solutions are changing in the province.
| Debt or Debt Solution Item | 2022 | 2023 | % Change |
|---|---|---|---|
| Estimated population | 817,766 | 842,725 | 3% |
| Number of bankruptcies | 1,027 | 875 | -15% |
| Number of consumer proposals | 2,101 | 2,646 | 26% |
| Total number of insolvencies | 3,128 | 3,521 | 13% |
| Average bankruptcy asset amount | $26,586 | $29,353 | 10% |
| Average bankruptcy debt amount | $77,706 | $86,030 | 11% |
| Average consumer proposal asset amount | $74,600 | $80,789 | 8% |
| Average consumer proposal debt amount | $82,344 | $92,663 | 13% |
| Median after-tax income | $63,000 | $63,300 | 0% |
| Average debt amount | $21,728 | $21,264 | -2% |
Data sources include ised-isde.canada.ca, statcan.gc.ca and consumer.equifax.ca. areas.
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