Relying on credit to carry you through times of underemployment? Careful! Debt can be more costly than you think!

With a wavering Canadian economy and unemployment continuing to roll through several Canadian provinces, thousands of households have found themselves struggling to make it from one financial obligation to the next.

MNP LTD Trustee Ian Schofield was interviewed by CTV News Regina to discuss the increase in insolvencies in Saskatchewan. Throughout the interview, Schofield highlights the fact that Saskatchewan is at its highest level of insolvency filings in four years.

Low interest rates and readily available credit have caught a lot of consumers in the trap of the ‘have now pay later’ trend. In fact, Canadian consumers are already spending 163% of their income.

As the Canadian economy continues to struggle and the cost of living continues to soar, many Canadians are struggling to keep up with the costs of day-to-day living, let alone manage debt or save for the future. Sound familiar?

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Statistics Canada recently released a report stating that Canadians are holding a record level of household debt with the average Canadian household owing 164.6% of its annual income.

Navigating through the ins and outs of debt solutions when you are in financial distress can be overwhelming. The stress of harassing phone calls from creditors or collection agencies certainly doesn’t help.

Pair soaring debt with a general lack of financial literacy throughout Canada and we’ve got ourselves a perfect storm.