The simple platform from Calgary-based financial technology firm Consumer Genius is “strictly focused on helping Canadian consumers manage their debt loads,” according to the company.
“A recent study shows the average Canadian household debt remains near record high levels with the average Canadian owing close to $1.78 for every dollar earned,” Consumer Genius explains. “To put that into perspective, in 1990 Canadians owed $0.90 for every dollar earned. These debts average at approximately $23,035 per Canadian.”
Consumers fill out a short form to explain their debt issues. From there, a proprietary algorithm will then recommend the best course of action for that consumer and put them in touch with an expert assigned to help them with debt.
“Our Platform, Juggling Debt, helps Canadians feel comfortable about the topic of debt,” believes Tyler Ferguson, who is the Head of Marketing for JugglingDebt. “Our tools, resources, and top tier debt advisors will present a multitude of options to our customers to aid in lowering, managing and in some cases eliminating their debt loads.”
The process is fully secure and confidential in accordance with privacy laws and the platform will not charge any user fees, according to Ferguson.
“We realize the consumers coming to our platform are already in debt, or are concerned about their debt levels; therefore we don’t feel it is right to charge any fees to use our platforms services,” he explains.
Household debt has always been a topic that consumers try to avoid. Ferguson says Canada needs more platforms like Jugglingdebt.ca to help consumers with options when it comes to managing their debts so they don’t go down a path of “no recovery.”
Juggling Debt maintains a fully digital process, “therefore a consumer can use the platform without leaving the comfort of their own home and never has to go into a bank, lender or physical location in order to get the advice and solutions they require to help manage their debt,” notes the startup.
Consumer Genius was founded in 2015 and has amassed a portfolio of brands. Today, 40,000 users apply for a financial service or product through platforms owned and operated by Consumer Genius each month.