Fossambault-sur-le-Lac
Consumer Proposal & Debt Relief
Fossambault-sur-le-Lac, debt relief, Quebec
Fossambault-sur-le-Lac, a growing Quebec town with about 2,327 residents, offers outdoor activities and a stable job market. However, rising housing costs and potential tax increases pose financial challenges for residents. Limited job diversity can hinder income stability, making effective debt relief strategies like consumer proposals or credit counseling essential for those facing financial difficulties.
City: Fossambault-sur-le-Lac
Province/Territory: Quebec (QC), Canada
Est. Population: 3,367
Financial Challenges
Living in Fossambault-sur-le-Lac can be tough if you’re having money problems. The town is growing quickly, which means more people are moving in and houses are becoming more expensive. If you want to buy a home or even rent, it might cost a lot more than before. This makes it hard to keep up with payments, especially if your income hasn’t increased. Also, the town might raise taxes and fees to build new roads and schools, which means you have to spend more money each month.
Finding a job can also be challenging. There aren’t many different kinds of jobs available, so if you lose your job or your company has problems, it might be hard to find another one quickly. Some jobs only last for part of the year, which means your income can go up and down. All these things together can make it hard to manage your money and pay for things you need every day.
Debt Relief Solutions Available
Financial Planning
Financial planning means making a smart plan for your money. It helps you budget, set goals, and save for the future. With a plan in place, you can feel more in control of your money and avoid falling into debt again.
Find out more about Financial PlanningDebt Management Plan
A Debt Management Plan, or DMP, helps you pay back what you owe in one simple monthly payment. A credit expert talks to your creditors to lower your interest and make the debt easier to handle.
Find out more about Debt ManagementDebt Consolidation
Debt consolidation means putting all your debts—like credit cards and loans—into one new loan. This new loan usually has a lower interest rate, which can help you save money and pay off your debt faster.
Find out more about Debt ConsolidationDebt Settlement
Debt settlement means offering less than the full amount you owe to clear your debt. Creditors may accept it because they get paid quickly. A debt settlement company usually helps with this process.
Find out more about Debt SettlementConsumer Proposal
A consumer proposal is a legal deal between you and the people you owe. You agree to pay back part of your debt in smaller monthly payments. A Licensed Insolvency Trustee helps make the plan and talks to your creditors for you.
Find out more about Consumer ProposalsBankruptcy
Bankruptcy is a legal way to clear most of your debts if you can’t pay them back. It gives you a fresh start, but it can also hurt your credit score for several years.
Find out more about Bankruptcy
*Illustration of Fossambault-sur-le-Lac, Quebec
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 | 1,582 |
| Living in poverty | Number of residents who are living in poverty | 374 |
| Debt defaulted | Number of residents who have defaulted on a debt payment | 37 |
| Insolvencies | Number of residents who filed for insolvency | 8 |
| Consumer proposal | Number of residents who filed for a consumer proposal | 6 |
| Personal bankruptcy | Number of residents who filed for personal bankruptcy | 2 |
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
Lac Sept-Îles: This stunning area is known for its picturesque lake, offering various recreational activities such as boating, fishing, and swimming. The surrounding nature trails provide an excellent opportunity for hiking and exploring the local fauna and flora.
Chemin de la Grande-Ligne: This residential neighborhood features a mix of charming homes and beautiful landscapes. It is popular among families seeking a tranquil environment while being close to the amenities of downtown Fossambault-sur-le-Lac.
Les Rivieras: A well-liked area known for its waterfront properties. It offers residents easy access to the lake and is favored for summer cottages and year-round homes, making it a prime spot for relaxation and outdoor activities.
Rue de la Plage: This picturesque street runs along the lakeshore, housing several scenic properties, and providing easy access to the beach. It is ideal for those who want to enjoy waterfront living and engage in community events.
Sentier du Parc: Emphasizing outdoor activities, this area includes parkland with walking and biking trails. It attracts nature enthusiasts and families looking for recreational space in a serene environment.
Illustration of Fossambault-sur-le-Lac, Quebec, Canada
Cost of Living
This table provides a breakdown of various average cost-of-living expenses in Fossambault-sur-le-Lac, Canada to help understand the financial requirements for different living situations.
| Item | Description | Average Cost |
|---|---|---|
| Housing (1BR) | Monthly rent for a 1-bedroom apartment | $1,270 |
| Housing (2BR) | Monthly rent for a 2-bedroom apartment | $1,750 |
| Average Home Price | Average price to purchase a home | $502,000 |
| 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 | $1,270 |
| Transportation (Car) | Monthly cost for car ownership | $550 |
| Childcare (Daycare) | Monthly cost for daycare | $650 |
| Childcare (After-School) | Monthly cost for after-school programs | $300 |
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 Fossambault-sur-le-Lac compared to nearby cities?
- How has the real estate market in Fossambault-sur-le-Lac evolved in recent years?
- What are the primary economic activities that drive the local economy of Fossambault-sur-le-Lac?
- Are there any local financial assistance programs for residents facing economic hardship?
- What is the unemployment rate in Fossambault-sur-le-Lac, and what industries are most affected?
- How do property taxes in Fossambault-sur-le-Lac compare to the provincial average in Quebec?
- What challenges do residents of Fossambault-sur-le-Lac face regarding access to affordable housing?
If you have a question about debt see our debt related question or ask your own debt related question.
Overview
Fossambault-sur-le-Lac is a picturesque small town in Quebec, located along the shores of a beautiful lake, which provides ample opportunities for outdoor activities like fishing, swimming, and hiking. Its population has been steadily increasing, reaching around 2,327 residents in 2021 and is projected to grow to 2,459 by 2024. The community features a mix of families and individuals, with a median age of about 42 years. Residents enjoy a relatively stable job market with an unemployment rate of 5% as of 2021. This charming town also boasts a close-knit feel, with many local services and amenities catering to its residents, making it a pleasant place for those who value nature and community living.
Eliminate 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!