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.

Provided under the Bankruptcy and Insolvency Act, Bankruptcy law aims to balance your need for a financial fresh start with your creditors’ right to recover a portion of the money they’re owed.

Canadians are facing a lot of uncertainty right now. With a sudden economic downturn and many businesses shuttered due to social distancing measures, millions have found themselves out of work and unable to pay their debts.

The COVID-19 pandemic has shut down businesses, ravaged the global economy and caused significant job losses across the country.

MNP released its most recent Consumer Debt Index just as the COVID-19 pandemic started gaining a foothold in Canada. The data — which Ipsos collected over the two weeks preceding the indefinite shutdown of non-essential businesses and millions of resulting job losses — revealed households were already feeling more pessimistic about their debts than at any point in the survey’s four-year history.