Now in its fifteenth wave, the MNP Consumer Debt Index has dropped to 89 points, the lowest point since it was introduced in June 2017.

More than half are likely to pile on more consumer debt before the end of the year, including one in 10 who will use buy now, pay later options.

MNP’s quarterly Consumer Debt Index consistently finds between 45 and 50 percent of Canadians are $200 or less away from insolvency at month-end.

Many Canadians may find themselves overburdened with debt due to various factors beyond their control.

For many people, the stress and uncertainty surrounding the pandemic has only served to compound existing financial difficulties. Loss of income and rising debt loads are adding to the stress and forcing individuals to look at options they never thought they’d have to.

Money and possessions are how we make our way in this world. And when someone comes looking to take those things away, that threatens our way of life. Naturally, our only options are to fight, flee or freeze.

The Canadian economy has enjoyed more than 10 years of robust growth, yet only around half of Canadians are in good financial shape — and the COVID-19 pandemic certainly hasn’t improved matters.

Despite the fearless efforts of previous generations there remains a pronounced gender wealth gap in Canada, along with persistent stereotypes and stigmas about how women manage their money. In celebration of International Women’s Day 2021, and their theme #choosetochallenge we’re challenging preconceptions around women and debt — and empowering women to take responsibility for their own financial success and debt freedom.

Bad financial habits are easy to fall into and impact wealthy households, low income individuals, the highly educated and uneducated alike. They can cause all sorts of personal and financial difficulties — but it’s often not until they’ve done significant damage that people begin to recognize how their bad financial habits are sapping their wealth and holding them back.

Many people are surprised to learn there is no minimum or maximum income threshold to file a Bankruptcy. Individual financial situations are so unique that it’s possible someone earning $10,000 per month is just as eligible to file a Bankruptcy as someone earning $2,000.