MNP Debt Blog

To answer your questions about the stigma of debt, and to learn about the options available to you, tune into our Stigma of Debt VLOG series below with MNP's Licensed Insolvency Trustees.

What happens after you file the paperwork and your Consumer Proposal goes into place? And, more importantly, how can this process help you go from overwhelmed by debt to mastering the art of credit management?

Debt is a financial tool. And like any tool, it comes in many different shapes and sizes to fit its purpose.

The Bank of Canada (BoC) increased its policy interest rate by a full percentage point on July 13, 2022. It was the fourth increase to the overnight rate this year and the largest since 1998.

When you take on debt, the ideal scenario is always to pay it off in full, one way or another. Sometimes that goal becomes out of reach, which is why alternatives like bankruptcy and consumer proposals exist.

Inflation is the measure of the rising price of certain goods and services. Statistics Canada measures it from month to month, based on a basket of goods that represents what a typical consumer would normally purchase.

A Licensed Insolvency Trustee (LIT) is an insolvency professional who has been licensed by the Superintendent of Bankruptcy in Canada to help individuals and businesses who are having difficulty paying their debt, administer Consumer Proposals and Bankruptcies...

Congratulations! Now that your Bankruptcy or Consumer Proposal is completed, you are in the next phase of taking control of your finances. Without debt, you now have the freedom and opportunity to make financial decisions based solely on your goals —...

When a debt is statute-barred, it cannot be brought to court and legally enforced because too much time has passed.

Every young Canadian needs the basic financial management skill to invest in their career, build a nest-egg for retirement and enjoy their lives free of unmanageable debt.