Consumer Insolvencies Staggering Compared To Past Years

2016-07-22

Author: Zaki Alam

MNP Consumer Debt Index

The continued slump in the energy sector, paired with a struggling Canadian dollar and a constantly increasing cost of living has given way to incredible financial burdens for many Albertans. In fact, Edmonton has seen consumer insolvencies jump a shocking 200 percent over the last year. In today’s struggling economy, it can be difficult enough to cover day-today expenses let alone keep on top of debt obligations. The tricky stitch comes when people struggling under a burden of unmanageable debt, rely on further credit to pull through financial distress, which can only lead to a dangerous cycle of debt that’s difficult to get out of.

Two people crunching numbers on a laptop with a notebook on the table

MNP Licensed Insolvency Trustee Zaki Alam discussed these significant insolvency increases in Edmonton with several media outlets between June 27 and June 29, 2016. These discussions can be found in the links found below.

CBC Radio Active live interview with Portia Clark: http://www.cbc.ca/news/canada/edmonton/programs/radioactive/radio-active-podcast-june-28-2016-1.3656651

CBC News Edmonton at 6 pre-taped interview with Adrienne Pan: http://www.cbc.ca/player/play/714009155582

CBC News Edmonton online article: http://www.cbc.ca/news/canada/edmonton/consumer-insolvencies-staggeringcompared-to-past-years-1.3655269

Zaki Alam

Zaki Alam

CIRP, LIT, CPA, CA

Senior Vice President

Servicing: Edmonton (Downtown), Edmonton (North East), Edmonton (South), Edmonton (West), Grande Prairie, Leduc, Sherwood Park, Spruce Grove, St. Albert, Yellowknife

Latest Blog Posts

2025-07-14

Nearly half of Albertans are $200 or less away from financial insolvency each month, more than any other province, amid ongoing economic uncertainty

Lindsay Burchill

MNP Consumer Debt Index

Nearly half of Albertans (47%, +2 pts) report they are $200 or less away from financial insolvency each month — more than those in any other province — according to the latest MNP Consumer Debt Index.

Read More

2025-07-14

Nearly half of Quebecers regret their debt as life plans stall and financial anxieties take hold amid ongoing economic uncertainty

Frederic Lachance

MNP Consumer Debt Index

Nearly two-thirds of Quebecers say they desperately need interest rates to go down (63%, -2 pts), according to the latest MNP Consumer Debt Index.

Read More

2025-07-14

MNP Consumer Debt Index holds steady following two interest rate pauses as Canadians brace for ongoing economic uncertainty

Grant Bazian

MNP Consumer Debt Index

Younger adults and lower-income households are most likely to report stress, stalled life plans, and living paycheque to paycheque.

Read More

Consultation icon