MNP Debt Blog

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.

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.

If you’re like most Canadians, then you most likely have debt from multiple sources. These could be some combination of auto loans, credit cards, student debt, lines of credit, installment plans on retail purchases via “buy now pay later”,...

There are approximately 1,000 LITs in Canada; all are licensed by the federal government. Whether it is a small personal bankruptcy or a large CCAA company restructuring, an LIT is involved. The educational requirements to become an LIT are rigorous....

Between rising interest rates and accelerating inflation, it’s hard to know what to blame when costs rise, and affordable mortgages are harder to negotiate.

While taking on business debt is not inherently bad, like all debt, you must approach it from a prudent and practical standpoint.

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.

Simply asking this question means you’re already on your way to financial health. Take a moment to congratulate yourself — recognizing the perils of unplanned and unexpected costs is a massive milestone and will mark a major turning point in your relationship...