MNP Debt Blog

​As retailers across the province advertise massive discounts to woo shoppers through their doors on Black Friday, thousands of Ontario residents are preparing to paint their pocketbooks red with debt.

The number of consumer insolvencies per thousand residents, aged 18 years or above, decreased slightly to 2.2 in 2018.

According to a recent Ipsos poll conducted by MNP LTD., Canadians are forecasting sunnier skies ahead when it comes to their debt.

The number of consumer insolvencies per thousand residents, aged 18 years or above, increased to 3.7 in 2018, after declining for the past nine years.

The number of consumer insolvencies per thousand residents in the region, aged 18 years or above, reached 4.5 in 2018 – the highest since tracking began in 1987.

The number of consumer insolvencies per thousand residents in the Cariboo region, aged 18 years or above, decreased to 3.7 in 2017 and then again to 3.3 in 2018.

According to a recent Ipsos survey commissioned by MNP LTD., a large majority of Ontarians agree there is a lack of financial literacy amongst the public which is fueling the national consumer debt problem.

The collective pressures of increased interest rates, an uptick in consumer debt over the holidays, a stagnating economy and persistently high cost of living are making it difficult for Canadians to repay their debts.

Credit today is more accessible than ever. On top of that are endless advertising and marketing initiatives that would have us believe lenders are our friends – here to help us out in a pinch.

The number of consumer insolvencies per thousand residents in Edmonton, aged 18 years or above, hit 4.4 in 2018 – rising to the highest level since 2009 when it sat at 4.5.