2014-08-18
You’ve probably heard the expression “Keeping up with the Joneses”, right? It refers to the human desire of wanting to have what our peers or neighbours have – a luxury car, tickets to every big concert, designer clothes, exotic vacations, etc. And thanks to credit cards and lines of credit, we now have the ability to buy now and pay later. Given these types of purchase decisions often repeat themselves, the resulting effect is that our future paycheques are used to pay for our past desires (i.e. debt), which cumulatively represent our ‘lifestyle’.
Canadians make lifestyle debt choices every day, the result of which is the current record levels of consumer debt we’re regularly reading about. For most Canadians their debt is manageable due to their level of income. The question is, at what point is someone living beyond their means?
Warning Signs Your Debt May be too High
If two or more of the following points apply to your financial situation on a regular basis, consider them warning signs that you may have too much debt:
Who should I talk to for a debt assessment?
If you are concerned that your debt may have climbed too high or if collectors are calling you regularly, you should contact a licensed restructuring professional. A government licensed and regulated Trustee in bankruptcy is required to review all of your financial options with you to help you decide which choice is best for you. The earlier you speak with a licensed debt professional, the more options you’ll usually have.
Contact your local MNP Ltd. office today to set up your free confidential consultation with a licensed Trustee in bankruptcy.
2025-06-19
With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies.
2025-06-18
The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.
2025-06-16
Bankruptcy Alternatives to Bankruptcy
Let’s review what a Consumer Proposal is, as well as the pros and cons of filing a Proposal, to help you determine if it’s the right solution for your unique situation.
