MNP Debt Blog

Low interest rates and readily available credit have caught a lot of consumers in the trap of the ‘have now pay later’ trend. In fact, Canadian consumers are already spending 163% of their income.

Often, when people think of insolvency, they relate it directly to bankruptcy. This can be very deflating to those who find themselves struggling with debt, but want to avoid having to file for bankruptcy.

With the holidays around the corner, financially strapped Canadian families are wondering how to make it through without breaking the bank.

Credit is somewhat of an enchanted thing. It allows us the flexibility to make purchases ahead of when we would otherwise be able to afford them. Unfortunately for many when it comes to credit, the ‘trick’ often follows the ‘treat’....

Only a government licensed Trustee in Bankruptcy can file a bankruptcy on your behalf in Canada. As part of this process, your Trustee will first conduct a comprehensive assessment of your financial situation to determine if a bankruptcy is your best...

The credit card statements are neatly piled on the top of your desk waiting to be paid. All have different payment dates scattered throughout the month and collectively the payments are somewhat manageable but the interest rates are making it nearly impossible...

With the Bank of Canada holding interest rates steady at 0.5 per cent, Canadians continue to feel confidant in excess spending, relying on credit as the national economy continues to struggle and many households are grappling with depleted income.

MNP's TAKE: As the price of oil continues to drag and Canadians from coast to coast face increased unemployment, many are turning to credit or high risk (which also means high interest) loans to carry them through what they hope to be a short-lived financial...

With a continual downturn in the price of oil, a barrage of layoffs and a weakened Canadian dollar, making it from one debt payment to the next has become a significant challenge.

As unemployment continues to increase across the prairies due to a sharp decline in the price of oil, many have found themselves relying on credit to pay for day-to-day expenses as severance pay begins to dwindle and unemployment insurance runs its course....