Well it appears that Canada is experiencing an exploding wave of debt solution provider and debt settlement companies. I’m not surprised, with the implementation of new tougher legislation in the United States, we knew some debt settlement companies would be looking for less regulated turf. It looks like they found it, just north of the border.
And Canada is prime for debt relief shenanigans and empty promises. Apparently the level of personal debt is above that in the U.S. and pushing the limits of that experienced in the UK.
An article out of Montreal, sent in by a wonderful tipster (send in your tips here), says that the top advertiser in the debt relief/debt settlement space has increased spending ten fold since last year.
It appears that in Canada, as in the United States, the battle lines are being drawn pitting non-profit credit counselor against the for-profit debt settlement companies. Each legion will plan their own attack in order to conquer the consumer target.
The article states, “The executive director of Credit Canada, a non-profit agency in Toronto that is also a charity, said one of the key differences between her group and ones that work for profit is she can offer counselling.” – Source. Really, that’s the best you got? Counseling?
The concern is that with a wave of new debt settlement companies entering the Canadian market, I would bet those will be the advanced fee models that were shot down in the U.S. There is no benefit of an advanced fee debt settlement company to a consumer in Canada.
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