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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., British Columbians are particularly worried that rising interest rates will impact their ability to repay debts, with 58 percent expressing concern. That 10-point jump since September is the highest increase of any province. More people (50%. +9%) are also worried further increases could put them in financial jeopardy. And half (51%, +6%) now admit they’re feeling the effects of increased interest rates.
Mirroring these anxieties are the tangible impacts to British Columbians’ bottom line. More than a quarter (27%, +7%) say they don’t make enough to pay to cover their bills and debt payments. More than two in five (41%, +6%) are within $200 from financial insolvency at month-end. And close to four in 10 (39%) expect to take on more debt just to pay for living and family expenses over the next 12 months.
At the crux of these concerns is the increased cost to service debt. Combined with existing living and family costs, it is becoming it more difficult to reduce the principal value of those debts. In fact, in some cases – especially the event of unexpected expenses, which fewer than half of B.C. residents say they’re financially prepared to deal with – households are needing to take on even more debt just to stay afloat.
All told, 52 percent of British Columbians worry about the effects of rising interest rates on their finances while one in three (33%) fear further increases could push them toward bankruptcy.
As the edge nears closer 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
Lana Gilbertson, CIRP, LIT, Senior Vice-President, MNP Ltd., at 1.877.363.3437 or
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