MNP Debt Blog

MNP LTD Trustee Ian Schofield was interviewed by Discover MooseJaw to discuss the increase in insolvencies in Saskatchewan. The original article was originally posted online at Discover MooseJaw on April 5, 2016.

The data is in, but it’s not necessarily surprising. Insolvencies are on the rise as many Canadians grapple with the burden of unmanageable debt.

With a weakened loonie and job losses on the rise, many are struggling to keep up with monthly expenses. In fact, according to a poll conducted with MNP, nearly 50% of Canadians are within just $200 of not being able to meet their financial obligations....

As Canadians struggle in a weakened economy, thousands are starting to bend under the weight of trying to make it from one financial obligation to the next. And what are we relying on to get us through the day-to-day expenses? Debt.

With a continual downturn in the price of oil, a barrage of layoffs and a weakened Canadian dollar, making it from one debt payment to the next has become a significant challenge.

A debt survey conducted by MNP found that nearly half of Canadians are within just $200 of not being able to keep up with their monthly financial obligations.

There’s no denying the facts. Given the significant effect the downturn in the oil & gas industry has had across Alberta and Saskatchewan, many businesses are struggling to stay afloat.

Nearly half of Canadians are just $200 away from financial crisis; 28 per cent plan to take on more debt to cover regular household expenses in 2016.

Canada’s debt ratio is at the highest debt income ration we’ve ever had. For every dollar we currently make, we are spending approximately $1.65 on credit.

A new survey conducted by Ipsos Reid on behalf of MNP Ltd. reveals that a sizable portion of Canadians are willing to take on more debt due to the Bank of Canada’s key interest rate cut announcement.