MNP Debt Blog

There’s no denying the facts. Given the significant effect the downturn in the oil & gas industry has had across Alberta and Saskatchewan, many businesses are struggling to stay afloat.

Nearly half of Canadians are just $200 away from financial crisis; 28 per cent plan to take on more debt to cover regular household expenses in 2016.

Canada’s debt ratio is at the highest debt income ration we’ve ever had. For every dollar we currently make, we are spending approximately $1.65 on credit.

A new survey conducted by Ipsos Reid on behalf of MNP Ltd. reveals that a sizable portion of Canadians are willing to take on more debt due to the Bank of Canada’s key interest rate cut announcement.

The Bank of Canada announced on Jan. 21 the interest rate had been cut by 0.25%. Although good news, MNP personal bankruptcy trustees caution Canadians about taking advantage of this decrease by taking on more debt.

Canadians underestimate debt-to-income balance. February 23, 2015, Calgary, AB — Almost of fifth of Ontario residents owe more than they own or earn, making them technically insolvent and at risk of bankruptcy, according to a new survey by Ipsos Reid....