North Dumfries
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North Dumfries, debt relief, Ontario
North Dumfries, Ontario, is a growing township known for agriculture and sustainability but faces economic challenges. Rising housing costs strain residents’ budgets, limiting their ability to find affordable living. Although new jobs in electric vehicles and clean energy are emerging, many lack the necessary skills. Reduced government services further hinder access to debt relief options and support for financial difficulties.
City: North Dumfries
Province/Territory: Ontario (ON), Canada
Est. Population: 10,619
Financial Challenges
Living in North Dumfries, Ontario can be hard if you’re struggling with money. The cost of houses and rent is going up, which makes it tough to find a place to live without spending too much of your paycheck. This means many people have to spend a large part of their income just to keep a roof over their heads.
On top of that, even though there are new jobs in areas like electric cars and clean energy, not everyone has the skills needed for these jobs. This can make it difficult to find good-paying work. Also, with the local government cutting back on some services, there are fewer programs available to help people who are having money problems, making it harder to get the support they need.
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 North Dumfries, 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 | 4,991 |
| Living in poverty | Number of residents who are living in poverty | 1,179 |
| Debt defaulted | Number of residents who have defaulted on a debt payment | 116 |
| Insolvencies | Number of residents who filed for insolvency | 27 |
| Consumer proposal | Number of residents who filed for a consumer proposal | 20 |
| Personal bankruptcy | Number of residents who filed for personal bankruptcy | 6 |
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
Aldoa: A quaint community known for its picturesque landscapes and friendly atmosphere. Aldoa features a mix of residential homes and green spaces, making it an appealing choice for families.
Drumbo: This small village is celebrated for its charming rural setting and close-knit community vibe. Drumbo offers a peaceful lifestyle while still being accessible to larger urban centers.
North Dumfries Township: The township encompasses several smaller communities and is recognized for its rich agricultural heritage. Residents enjoy a blend of rural tranquility and community engagement, with numerous local events and activities.
Harrisville: A serene enclave with a variety of outdoor recreational opportunities. Harrisville is ideal for those who appreciate nature and is conveniently located near larger municipalities.
Petersburg: A vibrant community that blends modern living with historical charm. Petersburg boasts beautiful parks and a variety of local services, making it a popular spot for both families and retirees.
Cambridge North: While technically part of Cambridge, this area is closely associated with North Dumfries and offers urban conveniences alongside suburban comfort. It features diverse amenities, schools, and attractive housing options.
Illustration of North Dumfries, Ontario, Canada
Cost of Living
This table provides a breakdown of various average cost-of-living expenses in North Dumfries, 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 North Dumfries, Ontario?
- How do housing prices in North Dumfries compare to nearby cities?
- What are the primary economic drivers in North Dumfries?
- What financial assistance programs are available for residents in North Dumfries?
- How is the job market in North Dumfries, and what industries are growing?
- What are the typical property tax rates in North Dumfries?
- Are there any local resources for financial education and planning in North Dumfries?
If you have a question about debt see our debt related question or ask your own debt related question.
Overview
Located in the southwestern part of Ontario, this township is part of the Waterloo Region and is known for its picturesque rural landscape and growing community. It is primarily characterized by agriculture, manufacturing, and a commitment to environmental sustainability, with recent federal investments aiming to enhance local industries such as electric vehicles and clean technology. With access to various recreational opportunities, parks, and natural areas, residents enjoy a blend of countryside living and modern amenities while benefiting from its proximity to larger urban centers. The area is continually evolving, balancing its rich agricultural heritage with new economic development initiatives.
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!