If you’re looking to break free of personal debt once and for all, we can help. We provide debt and bankruptcy solutions that are life-changing and permanent, so you can erase debt from your life.
Our Life-Changing Debt Solutions are designed to permanently get you out of debt once and for all – so you can stop worrying and start living again.
Debt can be overwhelming. For that reason, our Licensed Insolvency Trustees are always here for you. let’s discuss the options available to you. Your debt-free future starts now.
According to an Ipsos survey conducted on behalf of MNP LTD., the majority of Atlantic Canadians feel they can cover next year’s living expenses without incurring more, despite concern about mounting consumer debt in Canada,. 55% said they won’t need to take on more debt next year for basic household costs, while the rest anticipate that some increase in personal debt will be unavoidable.
The survey found that confidence is lacking when it comes to the prospect of coping with unexpected expenses. Only a minority are confident that they wouldn’t incur more debt if faced with a change in their relationship status like a divorce (22%), unexpected auto repairs or purchase (21%), having to take three months off work due to illness (23%), a job loss or wage decrease (19%), a death in the family (20%), or paying for someone’s education (20%).
Unemployment has depleted many peoples’ savings in the region, and this puts them at risk financially. If an unexpected life event happens, they lack the emergency savings necessary to manage those expenses and why recommends having between three to six months of expenses saved.
Three in ten Atlantic Canadians (31%) are concerned that they or someone in their household could lose their job. With so many families already in the red, unexpected life events like a job loss can throw household finances into a tailspin.
Job losses and other unexpected expenses can often be a catalyst for bankruptcy. A family can be forced to deplete their bank account to manage the situation, and if there isn’t enough left over to pay debts and basic living expenses, it could put them into a financial crisis. If they aren’t able to recover quickly, those unpaid debts could push them towards bankruptcy.
What they may not realize is that an unanticipated home or car repair, time off work due to layoffs or a family emergency can – and likely will – happen in their lifetime. So a rainy day fund really is a necessity for everyone.
Despite Atlantic Canadians’ apprehension about 'rainy-day' scenarios, most are broadly optimistic about how their debts have evolved over time and the future direction they’re likely to take. Nearly three in ten Atlantic Canadians (28%) think their debt situation has gotten better rather than worse compared to five years ago, while more than four in ten (44%) say it’s about the same. Moreover, nearly half (45%) expect their debt situation to be improved five years from now. When it comes to their retirement years, four in ten (42%) agree they’re confident that they will be debt-free.
These are some of the findings of an Ipsos poll conducted between June 19 and June 21, 2017, on behalf of MNP Debt. For this survey, a sample of 2,002 Canadians aged 18+ from Ipsos' online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.5 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
To learn more about the survey and how MNP can help you manage your debt challenges contact Joe Wilkie, CIRP, LIT, CPA, CMA, Licensed Insolvency Trustee, Senior Vice President, MNP Ltd., at 902.493.5483
Our team of Licensed Insolvency Trustees will help you
explore the debt relief options available to you and
together we will find the solution that best fits your
situation. Set up your FREE, no obligation consultation
MNP is committed to protecting your
privacy. We promise to keep all of the information you share
with us confidential.
*310-DEBT doesn’t operate in MB, NW ON and QC.
Contact a Trustee
Find a local Office