Taking Control of Debt in Atlantic Canada

2017-07-28   minute read


Debt Solutions

The Alberta Effect

With a struggling national economy and unemployment rolling through several provinces, it’s safe to say that when it comes to household finances — these days — anything can happen. For instance, could anyone have predicted the significant impact the decline in the energy sector would have on households throughout Atlantic Canada? Debt professionals throughout the region have been referring to it as “The Alberta Effect.” Thousands of households have been relying on work in the oil patch for many years. When industry took a hit and mass layoffs spread throughout the province of Alberta, many individuals and households found themselves coming back east with minimal income and unmanageable consumer debt. This has resulted in a considerable increase in insolvencies for Canadians throughout the eastern provinces.

A Corporate Perspective

Several businesses and corporations throughout Atlantic Canada are also struggling to stay afloat as the economy waivers and consumers struggle to hold onto their dollars. Another reason many businesses find themselves on the verge of insolvency is twofold:

  1. Not having the right accounting processes and procedures in place, which leads to poor record keeping and poor visibility into the overall health of the business.
  2. Waiting too long before seeking out professional help. Many businesses struggle for months, even years on end, trying to turn things around — and only seek help when they find themselves on the brink of financial ruin. Seeking out the advice of a debt professional early may be the difference in staying operational or having to close your doors. Obviously everyone, from owners to employees, stakeholders and creditors — benefits when a business remains viable.

How MNP Can Help

As an individual, have you or your household been hit by The Alberta Effect or other unforeseen financial set-backs? Do you find yourself struggling from one financial obligation to the next, let alone being able to actually pay down your debt? Or alternatively, as a business, do you find yourself getting behind in your payables?

There are a multitude of reasons as to why an individual or business might be experiencing financial difficulties. It’s important to know that you’re not alone — and you have options. At MNP, our presence is strong throughout Atlantic Canada, with approximately 30 locations throughout the four provinces and the national resources to provide timely, efficient and professional advice. Our debt professionals have an in-depth understanding of both federal and provincial legislations and can meet with you directly in your community to discuss your unique financial situation, identify the problems and what options are available to you. Nobody knows your households needs better than you. We believe when you have all of the information at your fingertips, you can make a fully informed decision as to which is the best route towards getting back on track and working towards a debt-free future.