Canada Post Announcement Highlights The Need To Deal With Debt Issues Now

2013-12-18   minute read

Today’s increasingly global economy and our prominent access to technology have many benefits. But globalization and the increased use of technology can also bring some startling consequences. An example of this is the recent announcement by Canada Post that they are on track to change their mail delivery system in a major way: no more mail service to your door, increased costs of using the mail system and most significantly, 6,000 to 8,000 positions that will not be re-filled once vacated by retirees. This kind of job loss can have an impact on our economy, but when the changes are made to an organization as widespread as Canada Post, they are also indicative of the way we do business. The days of a paper mail system are nearing an end as we rely on digital communication more and more. But this increased use of technology as a way of communicating can have an effect on more jobs than just the mail system. This announcement drives home the point that no job can ever be considered completely secure and stable in our economy. As we continue to use faster and more immediate forms of communication, the number of employees needed to get work done can decrease in many industries. Job loss is a very common reason for financial difficulty. Many Canadians struggle to maintain their household obligations, including their debt repayment, even while they are steadily employed. When a job loss happens, they find there is no way to maintain their debt and will start looking at options for dealing with their debt struggles. If you are struggling to maintain your debt, or if you are living under a very tight budget, your finances can take a turn for the worse if anything unexpected happens. Don’t wait until the unexpected takes place to make those hard decisions for dealing with your debt. By working on your debt issues while you have employment income, you may be able to avoid a bankruptcy later should you find yourself out of work. Review your financial picture to see the true cost of carrying your debt on a monthly basis. Also, take a closer look at your accounts to determine how long it will take to be debt-free at your current rate of repayment. If you don’t like what you see, now might be the time to bring in additional support. At MNP, we provide sound advice on the options available to you for addressing your debt issues. By solidifying your financial situation and debt repayment now, you are less vulnerable to changes in the workplace in the future. Our trusted advisors can help you make a plan of action, so you can move forward with confidence.

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