The number of consumer insolvencies per thousand residents in the Cariboo region, aged 18 years or above, decreased to 3.7 in 2017 and then again to 3.3 in 2018.

Nobody enjoys being delinquent on their bills. But unfortunately, it’s not always possible to make ends meet.

According to a recent Ipsos poll conducted by MNP LTD., Albertans’ pocketbooks are continuing to get lighter as a result of recent interest rate increases.

Underscoring Albertans' financial vulnerabilities when it comes to debt, the latest official figures from the Office of the Superintendent of Bankruptcy (OSB) continue to reinforce the mounting strain on many households in the province. The number of Albertans who filed for insolvency in the second quarter of 2019 was up 10.6 per cent compared to the same quarter of last year and up 7.8 per cent compared to the first quarter of this year.

For people with minor or even moderate debt, the combination of a structured financial plan and a few temporary sacrifices can go a long way toward eliminating their burden.

With the steadily increasing record levels of consumer debt amongst Canadians, as a Licensed Insolvency Trustee, I am surprised by the number of people who contact me without having ever obtained their own credit report.

At some point, everyone has succumbed to the impulse to buy a new gadget, a new pair of shoes or some other spur of the moment gift for themselves.

The global pandemic has had wide-ranging economic impacts across Canada. We have been monitoring these developments closely — especially around how public and private financial support measures are affecting household debt.