​According to a recent Ipsos poll conducted by MNP LTD., the increased cost of borrowing due to rising interest rates is causing many British Columbians to re-evaluate their relationship with debt.

British Columbians are increasingly reliant on debt and struggling to pay off their outstanding balances.

Recent poll finds Canadians would need to earn nearly 40% more to eliminate debt.

Debt consolidation is the process of combining two or more debts into one. The aim of debt consolidation is to enable you to become debt-free through one consolidated monthly payment over a defined period of time.

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

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.

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.

From Joy B.: How long does my bankruptcy stay on my credit report?

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.

More than anywhere, Atlantic Canadians are increasingly reliant on debt and struggling to pay off their outstanding balances.