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 a recent Ipsos poll conducted by MNP LTD., the increased cost of borrowing due to rising interest rates is causing many Atlantic Canadians to re-evaluate their relationship with debt. More than seven in 10 (72%) people who responded to the survey say higher interest rates will cause them to think twice about how they spend their money. Almost two in five (37%) admit they will be in financial trouble if rates go up much further, with nearly the same number (38%) saying they're already feeling the effects of increases that took place in July and September.
Compared to previous survey results, the average Atlantic Canadian now has $216 less at the end of the end of the month after bill and debt payments than they did in June. With nearly half (49%) of all households in the Atlantic region already within $200 of not being able to pay their bills – an 7% increase over the previous survey – nearly one third (32%) worry future increases could push them toward bankruptcy.
Concerningly, the results indicate that while Atlantic Canadians are going to be stressed by more expensive debt, their debt burden will likely get worse rather than better over the foreseeable future. When presented with six unpredictable scenarios, less than half believed they could deal with them without taking on more debt. In fact, more than half (55%) expect to take on more debt over the next year just to cover basic living and family expenses.
The issue here isn't just the cost of debt increasing. Instead, it is a combination of people not earning enough to finance their lifestyles and not having enough emergency savings to cover unexpected costs – instead using inexpensive credit to get them through. Now that the cost to service that debt is increasing, many who were already overextended to begin with are finding themselves unable to make ends meet.
The survey also uncovered how a lack of financial literacy has pushed many households into difficult situations they may not be able to recover from. Seven in 10 people responded they believe they have a solid understanding of how interest rate increases impact their financial situation, but opinions differed when respondents were asked how they could tolerate either a one percent rate increase or an additional $130 in monthly payments. Though both represent the same value, opinions were marginally favourable about the one percent increase yet equally negative about the dollar value. This indicates many people hesitate to make important changes until they see the tangible consequences. However, by then it's often too late.
Are you worried about rising interest rates and your ability to cope? We've created an online tool to evaluate your current debt health. Your results on the MNP Debt Scale will help you decide whether a Life-Changing Debt Solution may be right for you.
Other key poll highlights included:
About the MNP Consumer Debt Index
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