MNP Debt Blog

National Consumer Insolvency firm expanding to provided increased service in Northern Ontario

We love the holidays here at MNP. But we hate the stress and financial difficulties it brings to millions of Canadian households every year.

Nobody wants to believe they’re the kind of person who falls for marketing gimmicks — those pushy, transparent, often campy tactics clearly designed to part you with your money.

As wonderful as children are, sometimes it’s tough to shop with a little one who wants everything.

Financial issues are a leading contributor to divorce. If money was an issue during the marriage, it can be difficult to get both parties on the same page when it comes to settling debts that amassed during the marriage.

The effects of debt can vary from person to person. You might worry over a $1,000 credit card debt, while your friend might not give a second thought until it’s in the tens of thousands.

Like many of the topics we tackle at MNP, the unfortunate answer here is it depends on why you want to use your credit card and what your plan is to pay it off.

We’re asked this question often, largely because of the initial similarities many people see between these two debt solutions.

People are often hesitant to file a Bankruptcy or Consumer Proposal for fear of ruining their credit. They reason they must have excellent credit because they‘ve always made their monthly minimum payments on time.

You’re saving, you’re budgeting for all the costs involved — and you’re nearly ready to put an offer in. But have you factored mortgage default insurance into your calculations?