The recent Business Outlook Survey conducted by the Bank of Canada confirmed what many Canadians already know – our economy is still struggling, unemployment is increasing, businesses are struggling and the cost of living is not making financial health easy for anyone.

The Calgary Herald recently featured MNP’s Lana Gilbertson and Judy Scott discussing the state of consumer debt in B.C.

A consolidation of debt is essentially a restructuring of a person’s existing outstanding debt by obtaining a loan from a financial institution or bank and paying off the existing debt and therefore creating for oneself a single payment with most likely a lower rate of interest.

Nowadays, most Canadians carry some form of consumer debt. Credit, when used wisely, can be a good thing. But many Canadians are over-extended, financially stressed and struggling to perform a delicate fiscal balancing act. If you are concerned about debt and are beginning to wonder how much debt is too much, here are a few questions to ponder.

MarketWired recently covered MNP’s recent Consumer Debt Sentiment Survey which shows millions of Canadians are struggling to stay afloat.

The act of co-signing a loan is easy. It can also feel very rewarding since you’re often helping a family member or friend who wants to buy a new car or maybe even a house.

On January 10, 2012, the FCAC issued a consumer alert warning of the pitfalls in dealing with debt reduction companies. Among the things to watch out for are misleading information about getting protection from creditors and protecting your credit rating, claims about having governmental involvement or approval and other false statements.

The Execution Act is the legislation responsible for outlining those assets that cannot be seized by a creditor or a Trustee in Bankruptcy to help pay down debts.

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