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As the nation awaits the Bank of Canada’s (BOC) next announcement on interest rates, British Columbians’ debt anxieties are being highlighted by a new Ipsos survey conducted on behalf of MNP Debt.
While you’ve managed to stay afloat thus far, do you find yourself relying on credit to get from one payment to the next?
While consumer insolvency rates continue to increase in many provinces, consumer insolvencies (bankruptcies and Consumer Proposals) filed in B.C. were down almost 7% from 2015.
As Canadians struggle under the pressure of an ever-increasing cost-of-living and a sluggish economy, many find this time of year especially difficult as they try to navigate around the costs of debt.
With the holidays around the corner, financially strapped Canadian families are wondering how to make it through without breaking the bank.
Canadians plan to spend 17 per cent more this Christmas than last, according to Accenture’s annual Canada Holiday Shopping Survey, an average of $873 compared to the $744 they expected to spend last year.
Nearly half (47 per cent) of all homeowners with a mortgage agree in that they’re concerned about their ability to make their mortgage payments when interest rates rise, according to a survey conducted by MNP Debt.
Fortunately, there are some simple steps that British Columbians can take to be more financially prepared for a shift in our economy.
Consumer Proposals are the leading alternative to bankruptcy in Canada for individuals who wish to negotiate a more favourable debt repayment plan with their unsecured creditors. Under a Consumer Proposal, most consumers are able to reduce their unsecured debt by up to 80%, freeing up their cash flow to better manage basic living expenses. While a Consumer Proposal can free up cash flow, it doesn’t solve a spending problem. Now that you’re back on track for a strong financial future, consider these tips to cool off your spending after filing a Consumer Proposal.
Nowadays, most Canadians carry some form of consumer debt. Credit, when used wisely, can be a good thing. But many Canadians are over-extended, financially stressed and struggling to perform a delicate fiscal balancing act. If you are concerned about debt and are beginning to wonder how much debt is too much, here are a few questions to ponder.
*310-DEBT doesn’t operate in MB, NW ON and QC.
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