MNP Debt Blog

With the Bank of Canada holding interest rates at record lows, Canadians have felt confident utilizing credit freely, despite a struggling national economy.

If bankruptcy is right for you, the professionals at MNP will guide you through the entire process and put an end to your debt problems for good.

As debt levels continue to creep, what happens when consumers can’t keep up with minimal payments, let alone being able to actually pay that debt down?

With Father’s Day around the corner, I find myself reflecting on some of the financial lessons I learned from my father over the years.

Pair soaring debt with a general lack of financial literacy throughout Canada and we’ve got ourselves a perfect storm.

Having a household credit card or two can come in handy for multiple reasons – which is probably why there are approximately more than 43 million credit cards currently active in Canada.

If you are experiencing financial difficulty, and can set aside any emotional bias preventing you from being able to make a rational decision in a timely manner, you will save both yourself and your household from significant stress and anguish.

The association between insolvency and distrust may exist, but in reality, it’s often far from the case. In truth, financial distress hits people from all walks of life.

While credit can be helpful in a pinch, credit reliance can quickly become a dangerous cycle that's difficult to get out of when there's no longer a steady income coming into the household.

Given today's struggling economy, the fact that many households are grappling with the harsh realities of unemployment due to a stagnant energy sector and numerous other factors, an increase in interest rates, could push more than 30 per cent of respondents...