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MNP Debt Blog

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What are my options to deal with debt?

Household debt is a major challenge in Canada. The average Canadian currently owes more than $20,000 in non-mortgage debt — and a total of about $1.70 for ever one dollar they earn.

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What tactics will debt collectors use to recover overdue bills?

Collection agencies use many tactics to enforce repayment of debt. The most common methods are phone calls and letters. However, depending on the amount owed, the situation can quickly escalate to threats of legal action — which, in turn, can result...

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Understanding the rules of surplus income

Whether you undergo a bankruptcy proceeding or a consumer proposal to get a fresh start from excessive debt, one important item to understand is the rules around surplus income.

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What is secured vs unsecured debt

Understanding which debt is secured and which is unsecured is important as they affect you differently, particularly if you default in your payments.

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Living on a Single Income (3 Minute Debt Break)

With a wavering Canadian economy and unemployment continuing to roll through several Canadian provinces, thousands of households have found themselves struggling to make it from one financial obligation to the next. This is especially true for single...

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How do I know when to ask for help with my debt?

Most people wait far too long to seek professional help with their debt. There are several common reasons for the hesitation.

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The truth about tax debt

Owing Canada Revenue Agency (CRA) money can be overwhelming — especially because the government has greater powers to collect outstanding debts compared to other creditors.

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The latest debt index finds Canadians are showing record-low confidence levels when it comes to their personal finances and debt repayment abilities. Now in its nineteenth wave, the MNP Consumer Debt Index has reached the lowest point since inception,...

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As the country inches closer to the Bank of Canada’s next interest rate announcement on March 2, 2022, many Canadian households stretched thin by the rising costs of living over the COVID-19 pandemic will be bracing for a potentially challenging...

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As the country inches closer to the Bank of Canada’s next interest rate announcement on March 2, 2022, many British Columbia households stretched thin by rising costs of living over the COVID-19 pandemic will be bracing for a potentially challenging...

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