MNP Debt Blog

Starting a Consumer Proposal marks the first step in your journey to financial control.

It’s important to understand how the debt will ultimately be split up, and what happens when one spouse can no longer afford to pay their share.

The pandemic, childcare challenges, and the difficulties of spending much more time together during lockdowns made 2020 a difficult year for many couples.

Divorce is a painful process for everyone involved. Add the financial stress of reconciling debt to the equation and it can quickly become overwhelming.

If you’re like many Canadians, you’ve likely been hearing about high interest rates, household net worth, and the performance of financial markets.

There are benefits to paying off your Consumer Proposal early. But do they exceed the potential pitfalls?

Now in its fifteenth wave, the MNP Consumer Debt Index found more than half (52%) of British Columbians regret the amount of debt they have taken on, a five-point jump since September and the largest proportion compared to the other provinces.

More than half (54%) say they are $200 or less from not being able to cover their monthly bills and debt obligations, a whopping 13-point jump from December. Compared to the other provinces, Ontarians are the most likely (32%, +10pts) to report they are...

Six in 10 (59%) say they are $200 or less from not being able to pay all their bills and debt obligations each month — a whopping 16-point jump from December and the highest compared to the other provinces. This includes three in 10 (31%, +10pts)...

More than half (52%) say they are $200 or less away from not being able to meet all of their bills and debt obligations each month, a whopping 10-point jump from December. This includes three in 10 (31%, +6pts) who report they are already insolvent with...