With banks offering consumers a record amount of credit in recent years, Canadian households will face tough times ahead if they aren’t able to reduce their debt loads.

With the holidays around the corner, financially strapped Canadian families are wondering how to make it through without breaking the bank.

My husband and I are seperating. We are still under the same roof at this time but will be going our own ways. If we file together and he does not fulfill the requirements for discharge do we both lose discharge. Would it be better to file on our own, just trying to have only one fee.

Do not assume that bankruptcy or other debt solutions will cause you to lose your home. The decision to seek help for dealing with your debt issues is not easy.

It’s hard to believe it’s that time of the year again. Income tax time. Hopefully you were able to budget for your instalments last year in the correct amount, or your employer took the right amount of taxes from your pay. But what if we miscalculated?

Often, when people think of insolvency, they relate it directly to bankruptcy. This can be very deflating to those who find themselves struggling with debt, but want to avoid having to file for bankruptcy.

Credit is somewhat of an enchanted thing. It allows us the flexibility to make purchases ahead of when we would otherwise be able to afford them. Unfortunately for many when it comes to credit, the ‘trick’ often follows the ‘treat’.

With the Bank of Canada holding interest rates steady at 0.5 per cent, Canadians continue to feel confidant in excess spending, relying on credit as the national economy continues to struggle and many households are grappling with depleted income.

MNP's TAKE: As the price of oil continues to drag and Canadians from coast to coast face increased unemployment, many are turning to credit or high risk (which also means high interest) loans to carry them through what they hope to be a short-lived financial pinch.

Given today’s economic climate, thousands of families across Canada find themselves in a delicate balancing act between keeping up with financial necessities while trying to pay down ongoing debt.