MNP Debt Blog

While it’s perfectly natural to want to go ‘all out’ during the holiday season, it’s important to recognize the true cost of splurge spending.

It’s that time of year. The bills from the holiday season are starting to roll in and given the tough economic climate and significant job losses, many Canadians are going to find they are in debt beyond their means.

‘Tis the season to be…managing all that debt you accumulated as you got swept up in the holiday season?

Low interest rates and readily available credit have caught a lot of consumers in the trap of the ‘have now pay later’ trend. In fact, Canadian consumers are already spending 163% of their income.

Debt is often caused by life circumstances such as a job loss or a divorce, or simply by spending beyond your means.

The third Monday of January is coined “Blue Monday” because it is apparently the saddest day of the year. Pairing a Canadian winter with all the bills rolling in from the holidays, makes the term quite fitting.

It’s that time of year again. It’s cold, and dark and wintertime. Nothing saws ‘reward me’ like a little shopping and getting yourself that special something to perk up your day.

January 18, 2016, CANADA – The third Monday in January has been dubbed Blue Monday; what can be for some the most depressing day of the year as the holiday bills arrive around this time.

The Execution Act is the legislation responsible for outlining those assets that cannot be seized by a creditor or a Trustee in Bankruptcy to help pay down debts.

In order to stick to your budget during occasions when you may be tempted to go astray, it may help to set financial objectives for the new year, allowing you to look towards future goals and stronger financial security.