Consumer Insolvencies Staggering Compared To Past Years

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.

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