MNP Debt Blog

With the Bank of Canada holding interest rates at record lows of just 0.5 per cent, many British Columbians are on a credit spending binge, using home equity as a means for taking on more debt.

With interest rates sitting at the bottom or the barrel, many British Columbians have felt free to spend as they please, dipping further and further into credit reliance in order to keep up spending habits.

As the real estate market in British Columbia continues to create demand and increase property value and interest rates sit at rock bottom prices, many home and investment property owners throughout the province have allowed themselves indulgent consumer...

As Canadians struggle in a weakened economy, thousands are starting to bend under the weight of trying to make it from one financial obligation to the next. And what are we relying on to get us through the day-to-day expenses? Debt.

The data is in, but it’s not necessarily surprising. Insolvencies are on the rise as many Canadians grapple with the burden of unmanageable debt.

MNP’s Consumer Debt Sentiment survey shows more than half of Albertans are barely making ends meet, with many having to rely on credit to make it from one payment to the next.

With a weakened economy and hundreds of thousands of households in western Canada grappling with the very difficult realities of unemployment, it’s no surprise (or secret) to learn that many are struggling financially.

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

MNP LTD Trustee Ian Schofield was interviewed by Discover MooseJaw to discuss the increase in insolvencies in Saskatchewan. The original article was originally posted online at Discover MooseJaw on April 5, 2016.

With the Bank of Canada holding interest rates steady at 0.5 per cent, Canadians continue to feel confidant in excess spending, relying on credit as the national economy continues to struggle and many households are grappling with depleted income.