Summerside
Debt Relief & Credit Counselling
Summerside, debt relief, Prince Edward Island
Summerside, PEI, offers charming coastal scenery and a vibrant arts scene but faces unique financial challenges. Dependent on seasonal tourism and agriculture, residents experience income instability, complicating financial planning. Limited job diversity and rising housing prices further strain affordability, making consistent debt relief efforts essential for maintaining financial stability.
Artist representation of Summerside, Canada
City: Summerside
Province/Territory: Prince Edward Island (PE), Canada
Est. Population: 16,001
Overview
Located on Prince Edward Island, this city is known for its charming coastal scenery, thriving arts scene, and rich cultural heritage. It boasts a vibrant waterfront, featuring parks, walking trails, and a marina that attract both locals and visitors year-round. The city is home to annual events, including a renowned festival celebrating its musical and culinary talents, and it offers a variety of recreational activities such as golfing, cycling, and water sports. With its welcoming community and emphasis on local art and community events, the area reflects a unique blend of tradition and modernity.
Debt Relief Solutions Available
| Solution | Description |
|---|---|
| Financial Planning | 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. |
| Debt Management | Pay off your debt through consolidated payments and sometimes lower interest rates. In a Debt Management Program (DMP) we work with your creditors to negotiate terms that make your debt more manageable, resulting in a single monthly payment. |
| Debt Consolidation | Combine multiple debts, such as credit card balances, personal loans, and other liabilities, into a single loan with a lower interest rate. This can simplify your payment process and potentially reduce the total interest charges over time, making it easier to pay down your debt faster. |
| Debt Settlement | Negotiate with your creditors to reduce the amount you owe in exchange for a lump-sum payment. Typically, these negotiations are handled by us on your behalf. By accepting a reduced payment, creditors are often willing to write off the remaining debt because they receive immediate payment. |
| Consumer 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 a licensed insolvency trustee, the proposal will outline a fixed monthly payment plan you can afford while providing a structured path to debt relief. Finding the right Trustee is critical and we know the best ones and the ones to avoid. |
| Personal Bankruptcy | Personal bankruptcy is a legal process that provides relief to individuals who cannot repay their debts. The process involves erasing most of your unsecured debts, giving you a financial fresh start, but it also comes with a long-term impact to your credit rating. Finding the right Trustee is critical and we know the best ones and the ones to avoid. |
*These are some of the debt relief options available in
Financial Challenges
One of the unique financial challenges facing residents is its dependency on seasonal industries, particularly tourism and agriculture. Summerside experiences a pronounced economic ebb and flow, with a bustling tourism season in the summer but significant slowdowns during the winter months. This cyclical nature often results in income instability for those employed in these sectors, making consistent financial planning and saving a daunting task. It’s a bit like riding a roller coaster – exciting but unpredictable. Imagine having a well-paying summer job but struggling to find sufficient work come winter – it requires careful budgeting to make ends meet year-round.
The town also grapples with the limited availability of diverse employment opportunities. While local governing bodies have made strides to attract new businesses and foster economic development, many residents still find themselves commuting outside the area for work or relying on lower-paying, seasonal jobs. This situation hampers long-term financial growth and stability for many families, as fewer high-paying job opportunities are available locally.
Additionally, the housing market presents its own set of challenges. Real estate in Summerside has seen price hikes, influenced by increased interest from buyers outside the province, looking for more affordable and picturesque living options compared to larger urban centers. For locals, this translates into a more competitive market and higher prices, potentially putting homeownership out of reach for first-time buyers or those on a moderate income. Balancing the dream of owning a home with financial realities becomes a particularly tough balancing act here.
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
Downtown Summerside
This is the vibrant heart of the city, featuring a mix of shops, restaurants, and cultural venues. The waterfront area is particularly popular, with scenic views and events like the Summerside Farmers’ Market.Harbourfront
Located along the shoreline, Harbourfront is known for its beautiful boardwalk, marinas, and parks. It offers recreational activities and is a favorite spot for both locals and tourists to enjoy the outdoors.Eagles View
A family-oriented neighborhood with a variety of housing options, Eagles View is characterized by its community parks and schools. It’s a quiet area that appeals to families looking for a suburban feel within the city.Linkletter
This community is known for its spacious lots and rural charm, offering a peaceful lifestyle while still being close to the amenities of Summerside. It’s popular among those who enjoy outdoor activities and a slower pace of life.Bayside
Bayside is a picturesque neighborhood with stunning views of the Northumberland Strait. Residents enjoy a mix of waterfront properties and lush greenery, making it an ideal place for nature lovers.Greenvale
A primarily residential area, Greenvale offers a sense of community with accessible parks and local amenities. It’s known for its friendly atmosphere and is a great place for families and retirees alike.Cascumpec
A quaint area that combines nature with convenience, Cascumpec features larger properties and is often sought after for its proximity to schools and recreational facilities. It’s favored by those looking for a quieter lifestyle.Water Street
This historic area encompasses many heritage buildings and is home to several local businesses. Water Street is a great location for anyone interested in the rich history and culture of Summerside, offering charming spots to explore.
Top Questions
- What are the best things to do in Summerside?
- What is the history of Summerside, Prince Edward Island?
- What is the climate like in Summerside throughout the year?
- What accommodations are available in Summerside?
- Are there any events or festivals in Summerside?
- How do I get to Summerside from Charlottetown?
- What are the dining options in Summerside?
Artist representation of Summerside, Canada
Debt Data
This table includes estimate 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 | 7,520 |
| Living in poverty | Number of residents who are living in poverty | 1,776 |
| Debt defaulted | Number of residents who have defaulted on a debt payment | 174 |
| Insolvencies | Number of residents who filed for insolvency | 40 |
| Consumer proposal | Number of residents who filed for a consumer proposal | 30 |
| Personal bankruptcy | Number of residents who filed for personal bankruptcy | 10 |
The estimates above are based on the following ratios living paycheck to paycheck rate (47%), poverty rate (11.1%), deliquency 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.
Cost of Living
This table provides a breakdown of various average cost-of-living expenses in Summerside, Canada to help understand the financial requirements for different living situations.
| Item | Description | Average Cost |
|---|---|---|
| Housing (1BR) | Monthly rent for a 1-bedroom apartment | $1,750 |
| Housing (2BR) | Monthly rent for a 2-bedroom apartment | $2,250 |
| Average Home Price | Average price to purchase a home | $341,000 |
| 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 | $1,750 |
| Transportation (Car) | Monthly cost for car ownership | $550 |
| Childcare (Daycare) | Monthly cost for daycare | $900 |
| Childcare (After-School) | Monthly cost for after-school programs | $350 |
The cost of living data is based on provincial averages and may differ between cities, towns, and rural areas.
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!