As the Canadian economy continues to struggle and unemployment grips several provinces across the country, thousands of households are left struggling with the harsh realities of juggling one bill payment to the next. Still, the words ‘bankruptcy’ or ‘insolvency’ often come with a stigma that can keep many who need help managing their debt, from seeking it out.
The association between insolvency and distrust may exist, but in reality, it’s often far from the case. In truth, financial distress hits people from all walks of life. Even people we may view as prominent members of our community or highly-successful financially may be struggling to keep creditors at bay behind closed doors. In fact, according to a recent survey conducted by Ipsos on behalf of MNP, 52 per cent of Canadians would find themselves on the verge of insolvency if their monthly income was decreased by just $200. Statistics that blinding suggest that household debt is running rampant and whether you’re well-known figure in of a thriving community or a single parent with two part-time jobs – if you’re struggling, the time to reach out for help – is now.
The Penticton Herald recently posted an original article discussing the Ipsos survey online on Friday, May 26, 2017.
Ian Schofield is a Licensed Insolvency Trustee serving our Regina region. To learn more about how MNP Debt can help, contact our local office at 306.790.7900.
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