MNP Debt Blog

Debt is a financial tool. And like any tool, it comes in many different shapes and sizes to fit its purpose.

What happens after you file the paperwork and your Consumer Proposal goes into place? And, more importantly, how can this process help you go from overwhelmed by debt to mastering the art of credit management?

To answer your questions about the stigma of debt, and to learn about the options available to you, tune into our Stigma of Debt VLOG series below with MNP's Licensed Insolvency Trustees.

Until March 2020, there was no such thing as a virtual insolvency proceeding, unless you lived in a remote area. If you wanted to file a Bankruptcy or Consumer Proposal, you had to meet with a Licensed Insolvency Trustee in person.

There are approximately 1,000 LITs in Canada; all are licensed by the federal government. Whether it is a small personal bankruptcy or a large CCAA company restructuring, an LIT is involved. The educational requirements to become an LIT are rigorous....

If you’re like most Canadians, then you most likely have debt from multiple sources. These could be some combination of auto loans, credit cards, student debt, lines of credit, installment plans on retail purchases via “buy now pay later”,...

While taking on business debt is not inherently bad, like all debt, you must approach it from a prudent and practical standpoint.

In less time than it takes to scroll through one of the streaming services to find your next series or movie to watch, you can focus on your debt and have a plan to keep it under control.

The first step in understanding your financial health is to understand how the rise of interest rates will affect your unsecured debts. The most common types of unsecured debts are lines of credit and credit cards.

Between generations and over the years, our behaviours, attitudes and approach to finances have changed dramatically.