MNP Debt Blog

The third Monday of January is coined “Blue Monday” because it is apparently the saddest day of the year. Pairing a Canadian winter with all the bills rolling in from the holidays, makes the term quite fitting.

Debt is often caused by life circumstances such as a job loss or a divorce, or simply by spending beyond your means.

Low interest rates and readily available credit have caught a lot of consumers in the trap of the ‘have now pay later’ trend. In fact, Canadian consumers are already spending 163% of their income.

‘Tis the season to be…managing all that debt you accumulated as you got swept up in the holiday season?

It’s that time of year. The bills from the holiday season are starting to roll in and given the tough economic climate and significant job losses, many Canadians are going to find they are in debt beyond their means.

While it’s perfectly natural to want to go ‘all out’ during the holiday season, it’s important to recognize the true cost of splurge spending.

As we begin the month of February and bills from the holiday season have arrived, it's probably difficult to make planning and budgeting for the future a priority.

Trying to maneuver through unmanageable debt can be exhausting and overwhelming. Even more so if you are trying to navigate your finances from a secondary location.

January is the month where consumers cry the blues about the money they spent over the holidays. To help alleviate this added stress the local MNP offices serving the Niagara Region have been giving back to the community.

Considering today's economic climate, it would not be surprising to hear that many have replaced financial planning with financial survival.