3 Tips To Make The Most of Your Check Up on the MNP Debt Scale (3 Minute Debt Break)

How much debt is too much? Of all the questions Licensed Insolvency Trustees often hear, this is one of the most common. It’s also one of the most difficult to answer. Any number of factors can impact your experience with debt, from income and expenses to interest rates and repayment terms. 

That’s why debt professionals often prefer qualitative measures like whether you maintain a balance from month to month or if you’re missing payments, when assessing your situation. Unfortunately, for all they reveal, those questions rarely provide the neat and tidy answer most people are searching for.

Here’s where the MNP Debt Scale found at MNPDebt.ca can help. This powerful 14-question assessment tool puts those questions into a clear rating of your debt situation regardless what you earn or how much you owe.

It won’t tell you how much debt is too much, but it can do you one better by helping you evaluate your debt health and guiding your path to financial wellbeing. Provided you do a few simple things. 

First… answer the questions honestly. Each question was designed to identify specific challenges debtors commonly face. Your responses will reveal a lot about your current experience with debt and how it is likely to evolve over the near and long term. The more honestly you answer, the clearer this picture will be. Rest assured, your responses are also anonymous and completely confidential. 

Second, read your assessment carefully. Once you complete the questions, you’ll receive a rating of your financial situation with a numerical score and indicate where you sit on the scale. This will provide a detailed explanation of what your rating means and recommendations for what to do next. A careful review of your assessment can provide a lot of valuable information. For instance, your rating may be moderate, but your score could be on the high end indicating a worrisome trend. This may be a good opportunity to review your answers and our recommendations to understand where you might be experiencing difficulties and what you can do about it. 

Third, reach out to a professional. You can think of the MNP Debt Scale like your annual check up with your family physician. You could walk away with a clean bill of health, or you may uncover signs further assessment is in order.

No matter where you sit on the MNP Debt Scale, reach out to an MNP Licensed Insolvency Trustees for a Free Confidential Consultation. These sessions are completely complimentary and confidential and available to any Canadian debtor who wants to better understand their debt and financial wellbeing. Get started today! Take the MNP Debt Scale today, and start the path to your financial fresh start.

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