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., Atlantic Canadians are the sole exception to a Canada-wide trend of increased anxiety around debt, interest rates and personal finances. While a significant number still worry about their ability to repay debts (57%) and that they’ll be in financial trouble if interest rates continue to rise (48%), both figures have declined by 8 points since September.
One third (33%) continue to fear rate hikes could push them toward bankruptcy, but that too is down six points over the previous quarter. Also noteworthy is that fewer Atlantic Canadians are within $200 from financial insolvency at month end (45%, -4%) – and fewer say they don’t earn enough to cover bills and debt payments (31%, -5%).
Taken together this may all seem like a cause for optimism, but a deeper look at the numbers cautions otherwise. While the fears may be easing off, the number of people experiencing financial difficulty is still quite high – with many people technically insolvent and a large number of bankruptcy and consumer proposal filings in the last several months.
Higher interest rates continue to be a major contributor to financial stress in the Atlantic provinces. As living expenses remain steady and the cost to service debt gets ever higher, opportunities to reduce the principal value of those debts will become scarcer.
Growing debt is also a concern, wore than two in five (44%, -3%) believe they’ll require credit cards and lines of credit in the next 12 months just to cover basic living and family expenses. And less than one in three are confident they could cope financially with an unexpected expense such as a major car or home repair without relying on lenders.
Half (50%) of Atlantic Canadians say they’re feeling the impacts of previous interest rate increases. And, even with a four percent reduction, more than half (52%) remain worried about how future increases will impact their financial situation. More than two in five (44%) are both concerned about their current level of debt and regretful about how much debt they’ve taken on (46%).
As the edge remains in view for many people, it’s important to be aware there are systems in place to help provide stability and peace of mind to severely indebted Canadians. Seeking help from a Licensed Insolvency Trustee is, in many cases, the best route to get the relief and financial fresh start they deserve.
Click here to view our digital infographic and learn more insights from this quarter’s MNP Consumer Debt Index.
About MNP Debt
MNP LTD, a division of MNP LLP, is the largest insolvency practice in Canada. For more than 50 years, our experienced team of Licensed Insolvency Trustees and advisors have been working with individuals to help them recover from times of financial distress and regain control of their finances. With more than 230 Canadian offices from coast-to-coast, MNP helps thousands of Canadians each year who are struggling with an overwhelming amount of debt. Visit www.MNPdebt.ca to contact a Licensed Insolvency Trustee or get a free checkup for your debt health using the MNP Debt Scale.
About the MNP Consumer Debt Index
The MNP Consumer Debt Index measures Canadians’ attitudes toward their consumer debt and gauges their ability to pay their bills, endure unexpected expenses, follow a budget and absorb interest-rate fluctuations without approaching insolvency. Conducted by Ipsos and updated quarterly, the Index is an industry-leading barometer of financial pressure or relief among Canadians. Visit www.MNPdebt.ca/CDI to learn more.
The latest Index data was compiled by Ipsos on behalf of MNP LTD between December 7 and December 12. For this survey, a sample of 2,154 was interviewed online. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.4 percentage points, 19 times out of 20, had all Canadian 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, Senior Vice-President, MNP Ltd., at 902.493.5483 or
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