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

Do you have student loans that were not erased by a bankruptcy or consumer proposal? Most likely, you filed before you had been out of school for seven years.

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.

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.

While social distancing is the right thing to do to defeat COVID-19, we realize these are difficult times. If you have been impacted by the pandemic and have questions about dealing with your debts, we are here to help. Our team is listening and will provide the support and advice you need.

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.

Today’s youth face wide range of financial challenges that were largely unheard of a generation ago. Why are relatively young people facing such high debt loads and shaky financial futures so early in life? Let’s look at some obvious and not so obvious factors that may be contributing along with some tips to help the young people in your life prepare for a lifetime of financial wellbeing.

Few things strike fear in a person’s heart like tax debt. There’s a long-held belief that you can’t fight the government, so most people resign to not even bother.

Household overspending is one of the most common causes of financial insolvency. It’s also one of the easiest to overlook. Overspending tends to creep up slowly and camouflage itself as a different kind of financial challenge. But once you know the symptoms, they’re almost impossible to ignore. You can eliminate overspending almost entirely by introducing just three straightforward techniques.

Your spending habits are a crucial part of your journey to a fresh financial start and a healthy financial life. But if you’re already in debt or inching closer to it with every swipe of your card, there’s no reason to panic.