McNab-Braeside
Credit Consolidation & Advice Services
McNab-Braeside, debt relief, Ontario
McNab-Braeside, a scenic township in Ontario near the Ottawa River, offers a rural lifestyle with outdoor activities. However, residents face financial challenges due to rising taxes for municipal upkeep and additional community costs, impacting their ability to manage expenses and debts. This situation increases the need for debt relief options, such as consumer proposals and credit counselling.
City: McNab-Braeside
Province/Territory: Ontario (ON), Canada
Est. Population: 7,591
Financial Challenges
Living and working in McNab-Braeside can be challenging for people who are having money problems. The town is spending a lot of money to keep roads, buildings, and other important things in good shape. To pay for these costs, taxes might go up, which means families have less money to spend on things they need, like groceries and clothes. This can make it harder for people to manage their everyday expenses.
Additionally, there are issues in the community that are costing the town more money, such as problems with behavior that require extra services or law enforcement. These extra costs can lead to higher taxes or fewer services available to residents. For people already struggling with money, this means they have even less money to handle bills or debts. Finding ways to manage money becomes tougher when taxes increase and there are fewer financial resources to help out.
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 McNab-Braeside, Ontario
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 | 3,568 |
| Living in poverty | Number of residents who are living in poverty | 843 |
| Debt defaulted | Number of residents who have defaulted on a debt payment | 83 |
| Insolvencies | Number of residents who filed for insolvency | 19 |
| Consumer proposal | Number of residents who filed for a consumer proposal | 14 |
| Personal bankruptcy | Number of residents who filed for personal bankruptcy | 5 |
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
Braeside
A quaint village known for its scenic views and close-knit community. Residents enjoy a peaceful rural lifestyle while being conveniently located near larger urban centers.McNab
A picturesque hamlet boasting beautiful landscapes and outdoor recreational opportunities. It’s popular among those who appreciate nature and a serene environment, with numerous trails and parks.Arnprior
Located just beyond the borders of McNab-Braeside, Arnprior is often frequented by residents for its vibrant downtown, shopping, and dining options. The proximity allows for easy access to amenities while still enjoying the quietness of McNab-Braeside.Calabogie
While technically part of a larger township, Calabogie is nearby and attracts McNab-Braeside residents for its outdoor activities. Known for its stunning lake and ski resort, it’s a favorite destination for seasonal recreation.Pakenham
This nearby village is loved for its historic charm and community events. With beautiful stone bridges and access to the river, Pakenham offers a close-knit atmosphere that complements the lifestyle in McNab-Braeside.
Illustration of McNab-Braeside, Ontario, Canada
Cost of Living
This table provides a breakdown of various average cost-of-living expenses in McNab-Braeside, Canada to help understand the financial requirements for different living situations.
| Item | Description | Average Cost |
|---|---|---|
| Housing (1BR) | Monthly rent for a 1-bedroom apartment | $2,400 |
| Housing (2BR) | Monthly rent for a 2-bedroom apartment | $3,000 |
| Average Home Price | Average price to purchase a home | $885,000 |
| Utilities | Monthly cost for electricity, heating, water, and garbage | $145 |
| Food (Single) | Monthly grocery cost for a single person | $350 |
| Food (Family) | Monthly grocery cost for a family of four | $1,000 |
| 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 | $2,400 |
| Transportation (Car) | Monthly cost for car ownership | $650 |
| Childcare (Daycare) | Monthly cost for daycare | $1,250 |
| Childcare (After-School) | Monthly cost for after-school programs | $400 |
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 McNab-Braeside compared to nearby areas?
- How has the housing market in McNab-Braeside changed over the past few years?
- What are the key economic sectors driving employment in McNab-Braeside?
- Are there any financial assistance programs available for residents facing economic challenges?
- What is the average household income in McNab-Braeside, and how does it compare to the provincial average?
- How do property taxes in McNab-Braeside compare to other municipalities in Ontario?
- What financial resources or services are available to help new residents adjust to the cost of living in McNab-Braeside?
If you have a question about debt see our debt related question or ask your own debt related question.
Overview
McNab-Braeside is a small township in Ontario, located near the Ottawa River, known for its beautiful natural landscapes and outdoor recreational activities. The area offers a mixture of agriculture and residential living, making it a great spot for families and individuals who enjoy a rural lifestyle while still being close to larger urban centers like Ottawa. Residents can take advantage of various outdoor activities such as hiking, fishing, and camping, thanks to the nearby parks and rivers. The community hosts events throughout the year, which helps bring people together and create a friendly atmosphere for everyone living there.
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!