Explaining fees and how they're collected when filing for Bankruptcy.

Serious debt is rarely a stand-alone problem. It’s often the result of other factors which either parallel or contribute to financial distress.

More British Columbians see grey skies on the horizon heading into the new year and beyond as fewer expect their debt situation to improve, according to the latest MNP Consumer Debt Index conducted quarterly by Ipsos.

Lifestyle creep is the tendency for people to increase their spending in proportion to increased income or availability of credit for material / non-material wants like consumer goods or experiences.

A new survey conducted by Ipsos on behalf of MNP LTD, shows more than half (54%) of Albertans say they would be embarrassed to get help if their financial situation was bad enough to consider Bankruptcy, more than any other province. Albertans are also the most likely to say that the stigma surrounding Bankruptcy prevents them from seeking help (36%).

If you’re struggling to control your debt, you know the vicious cycle it can become.

Despite the Bank of Canada stating it will keep interest rates stable until next year, more than half (54%) of Canadians say they are more concerned about their ability to repay their debts than they used to be.

Sometimes life doesn’t turn out the way we expected and we find ourselves overwhelmed with debt.

Home equity lines of credit (HELOCs) have emerged as one of the biggest contributors to the growth of household debt in Canada, particularly in markets where real estate values have surged over the last decade. The latest data from the Office of Superintendent of Financial Institutions (OSFI) shows that the balance of loans secured by residential real estate has reached another record high of 269 billion in June.

As the shopping rush reaches peak intensity before the holidays, a local debt expert is warning British Columbians to avoid taking on more debt or payday loans, as they try to cope with the pressures of last minute gifts and Christmas grocery shopping.