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Home to Toronto and some of the other largest cities in the country, Ontario is widely thought of as one of the richest provinces in all of Canada. However, the province also has its fair share of debt. And one of the best ways to see the amount of debt that Ontario has, in real time, is by checking out the province’s “debt clock”.
What is the Ontario Debt Clock and How Much is it at?
A debt clock is a constantly running and updating tally of the total debt of a province or country. Both the provincial and countrywide debt clocks can easily be viewed online. The Ontario debt clock is currently at over $310-billion and is steadily rising. This means that each resident in the province is responsible (although not actually) for over $20,000 of this debt.
Want to know what Canada’s debt clock is? Check out this article.
How Fast is it Rising?
As we mentioned, the province’s debt level is currently rising rapidly, which you can see if you check it out online. As for how much exactly it is rising, you would be surprised at the number. That’s right, the debt clock in Ontario is rising every single second by $317. That means in a single minute, the provincial debt is going up by nearly $20,000.
Want to know if the federal government provides debt relief? Find out here.
Personal Debt in Ontario
So, as you can see, Ontario has a real problem with debt. However, so do the citizens of the province. While they have one of the more manageable individual debt levels in the country, that doesn’t mean people still don’t have trouble dealing with their debts.
Check out our infographic to know more about the rise of household debt in Canada.
What Are Debt Relief Options in Ontario
If you’re an Ontario resident and you need help with your debt, there are many debt relief options at your disposal.
One of the first options to check out should be credit counselling. Credit counselling is a service in which you will meet with a qualified expert, who will help you create a plan of action for eliminating your debt.
Read this to discover the credit counselling process in Ontario.
While credit counselling is a great option for a lot of different people, it is not the only option for if you are struggling with debts and want some assistance. You can decide to consolidate your debts, which is when you take out one larger loan to pay off all your smaller debts, rather than having multiple payment dates to deal with. You can even potentially settle your debt for less than the original amount if your creditor agrees to the terms.
If you’d like to know how you can qualify for debt settlement, look here.
Of course, if your situation is quite dire and you don’t see a way out of debt, personal bankruptcy is a viable option for you as well. However, bankruptcy should be the last resort, as it can severely damage your credit for quite a while and can be tough to recover from.
Need to file for bankruptcy in Ontario? Read this first.
It’s a simple fact, everyone, from individuals to provinces and countries, has debt. It’s an often unavoidable part of life. We hope that this article has helped you understand all about the debt clock of Ontario, as well as helped you learn about various options for personal debt relief, just in case you ever find yourself struggling with debt.
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