Compare Debt Relief Solutions
See how each option stacks up side-by-side to find the best fit for your situation.
| Feature | Consumer Proposal | Debt Consolidation | Credit Counselling | Bankruptcy | Debt Management |
|---|---|---|---|---|---|
| Best For | High debt, steady income | Good credit, manageable debt | Need guidance, want to repay in full | Overwhelming debt, no repayment ability | Stable income, committed to repayment |
| Debt Reduction | Up to 80% | None (lower interest) | None (reduced interest) | Most debts discharged | None (waived fees) |
| Credit Report Impact | 3 years on report | Minimal if paid on time | Note on report during DMP | 6-7 years on report | Note on report during plan |
| Asset Protection | Keep all assets | Keep all assets | Keep all assets | Some assets may be seized | Keep all assets |
| Monthly Payment | Affordable, fixed | One payment, lower rate | One payment to agency | Surplus income payments | One payment to counsellor |
| Timeline | Up to 5 years | 3-5 years typical | 3-5 years | 9-21 months | 3-5 years |
| Legal Protection | |||||
| Stop Interest | |||||
| Stop Collections | |||||
| Requires LIT/Trustee | |||||
| Credit Score Effect | Moderate | Positive if managed well | Neutral to positive | Severe | Neutral |
| Typical Cost | Based on debt | Interest only | Low monthly fee | $1,800+ filing fees | Setup + monthly fee |
Consumer Proposal
Best For
High debt, steady income
Debt Reduction
Up to 80%
Credit Report Impact
3 years on report
Asset Protection
Keep all assets
Monthly Payment
Affordable, fixed
Timeline
Up to 5 years
Legal Protection
Stop Interest
Stop Collections
Requires LIT/Trustee
Credit Score Effect
Moderate
Typical Cost
Based on debt
Debt Consolidation
Best For
Good credit, manageable debt
Debt Reduction
None (lower interest)
Credit Report Impact
Minimal if paid on time
Asset Protection
Keep all assets
Monthly Payment
One payment, lower rate
Timeline
3-5 years typical
Legal Protection
Stop Interest
Stop Collections
Requires LIT/Trustee
Credit Score Effect
Positive if managed well
Typical Cost
Interest only
Credit Counselling
Best For
Need guidance, want to repay in full
Debt Reduction
None (reduced interest)
Credit Report Impact
Note on report during DMP
Asset Protection
Keep all assets
Monthly Payment
One payment to agency
Timeline
3-5 years
Legal Protection
Stop Interest
Stop Collections
Requires LIT/Trustee
Credit Score Effect
Neutral to positive
Typical Cost
Low monthly fee
Bankruptcy
Best For
Overwhelming debt, no repayment ability
Debt Reduction
Most debts discharged
Credit Report Impact
6-7 years on report
Asset Protection
Some assets may be seized
Monthly Payment
Surplus income payments
Timeline
9-21 months
Legal Protection
Stop Interest
Stop Collections
Requires LIT/Trustee
Credit Score Effect
Severe
Typical Cost
$1,800+ filing fees
Debt Management
Best For
Stable income, committed to repayment
Debt Reduction
None (waived fees)
Credit Report Impact
Note on report during plan
Asset Protection
Keep all assets
Monthly Payment
One payment to counsellor
Timeline
3-5 years
Legal Protection
Stop Interest
Stop Collections
Requires LIT/Trustee
Credit Score Effect
Neutral
Typical Cost
Setup + monthly fee