Repurchase of credits in Quebec

To make a brief geographical point, you should know that Quebec is located in eastern Canada . This large French-speaking city, which had more than 8 million inhabitants in 2016, in 2015 posted a household debt ratio of around 146%. According to the OECD ( Organization for Economic Co-operation and Development ), Canada is one of the countries where the most indebted households live. Faced with such an alarming finding, we need to find lasting solutions so as not to collapse in debt. Quebecers are therefore entitled to wonder if the repurchase of credits (consumption or real estate ) is a possible financial proposition to get out of this ordeal. Here are some tips on debt consolidation.

redemption credits quebec

If we dig a little deeper into the reports issued by the various research organizations ( Desjardins studies for example ), we see that 10% of the Quebec population is going through a serious financial crisis and that 4% are forced to juggle with it. savings or bank overdrafts to avoid sinking into debt.

Are there any warning signs to take into account before capsizing the boat? Responsible households keep their accounts regularly. There are, moreover, many software and / or applications that support households in this process. In fact, the household quickly notices when the charges become too heavy on the family budget. Accumulation of unpaid bills , bank overdraft, deferral of maturity , borrowing of money from friends and family, deprivation of food shopping… all this list are signs of financial difficulties .

How not to drown in debt? Debt consolidation is one possible solution. This solution, which is offered by banks and credit organizations, is based on the principle of reimbursing the various creditors of a household in exchange for which the Quebecois reimburses a new single monthly payment at an attractive rate over a period provided for in the offer contract. The new monthly payment to be paid is lower, which allows Quebec households to recover a little purchasing power.

To qualify for this offer, the indebted Quebecer must present a solid case with good guarantees. He can, for example, have a co-borrower or put a mortgage ( car, apartment, house, garage, etc. ). The financial institution needs to be sure that the loan consolidation proposal will be beneficial to the borrower and that the repayment of monthly drafts will take place.


It is our duty to tell you that credit consolidation allows a household in debt to breathe again. However, consumers have the unfortunate tendency to “take too much” advantage of their living space. You have to be responsible. Engaging in a loan buyback is a proposal to allow a household to rebalance the budget balance and to be able to save in order to anticipate any contingencies in the future. We must, therefore, play the card of caution when using this type of financial product.

Quebec financial institutions are very picky and do not easily grant credit redemptions. In the event that you find yourself faced with a refusal, you can turn to " the consumer proposal or repurchase of credits between individuals ".

Repurchase of credits in Quebec
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