Following nearly seven years of sustained, near historic low interest rates, Canadian debtholders were surprised this summer when the Bank of Canada introduced two back-to-back increases in less than three months.

Each quarter, we partner with Ipsos to survey more than 2,000 Canadians, gauging their thoughts, feelings, concerns and opinions about debt.

For many Canadians, their retirement years are supposed to represent their golden years where they can enjoy the fruits of a lifetime of work and labour.

Thinking about filing for bankruptcy can fill one with fear and uncertainty, it is natural for anyone considering this option to worry about what they will need to give up in order to be debt-free.

With the school year just starting up and thousands of Canadian students beginning a new semester of post-secondary studies, all of those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing and supplies.

The following changes are now in force as of July 7, 2008.

There are a number of companies that advertise ‘Debt Management Services’. In essence, these companies are suggesting they can negotiate a settlement with your various unsecured creditors on your behalf without going through a formal Consumer Proposal process.

One of the first options anyone with financial difficulty should consider is consolidating their debts through what is normally called a debt consolidation loan.

Both individuals and corporations can make use of the Bankruptcy and Insolvency Act. A consumer bankruptcy is simply a bankruptcy filing by an individual in Canada.

A debt consolidation loan is a single loan – generally obtained from a financial institution such as a chartered bank or credit union – that allows you to repay debts to multiple (and ideally all) creditors at once.