MNP Debt Blog

The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.

Dealing with the stress of unmanageable debt is exhausting.

For people with minor or even moderate debt, the combination of a structured financial plan and a few temporary sacrifices can go a long way toward eliminating their burden.

In today’s constantly shifting economic landscape, many Canadian households are struggling to keep up from one payment to the next – let alone keep up with an ever-increasing cost of living.

As a consumer finance professional, I field a lot of questions about money. But few do I experience more often than the age old — “Should I invest in my retirement or pay off my debt?”

If you listen carefully, you can already hear the subtle sound of sleigh bells off in the distance – just above the cheerful voices of tellers upselling stocking stuffers at the till.

People often come to me after months – sometimes even years of struggling with debt

As Canadians struggle with record-high consumer debt, employers have plenty of reason to worry.

When an individual or couple files a consumer proposal or an assignment in bankruptcy, the Bankruptcy and Insolvency Act requires the completion of two financial counselling sessions with a Registered Insolvency Counsellor.

If you’re struggling to pay down your credit card debt, it may be tempting to apply for another (ideally lower rate) card which you can transfer your balance to or take advantage of special promotions offered by your bank.