MNP Debt

The Bank of Canada finally took a first step towards lower interest rates on June 5th, 2024 when they reduced their policy rate by 25 basis points from where they have been stuck for the past 11 months. Is the long-awaited drop in interest rates a cause for celebration?

Is the long-awaited drop in interest rates a cause for celebration? After much anticipation, the Bank of Canada finally took a first step towards lower interest rates on June 5th, 2024.

Managing your money and dealing with debt can be tough. It's even more challenging when you have to watch out for scammers. There are people who want to take advantage of you and make your money problems worse. But don't worry! You can keep your finances safe by learning about common scams and how to protect yourself.

How to avoid debt management scams and financial fraud Managing your money and dealing with debt can be tough. It's even more challenging when you have to watch out for scammers.

With interest rates still high, some households might be considering declaring Bankruptcy for the first, second, or even a third time. It isn’t anything to be ashamed of. Filing for Bankruptcy or entering a Consumer Proposal might be the solution you need to relieve financial stress and get a fresh start.

How Often Can You File For Bankruptcy (MNP 3 Minute Debt Break) Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

A Consumer Proposal can be a good alternative to Bankruptcy for people struggling with debt. Consumer Proposals require some repayment but won’t impact your credit rating as much and will also allow you to keep more assets. But if your income decreases or increases — how will that affect your Consumer Proposal moving forward?

What happens if your income changes after filing for a Consumer Proposal? A Consumer Proposal can be a good alternative to Bankruptcy for people struggling with debt.

It’s easier than ever to spend more than we can afford. We pay for most purchases with a debit or credit card — or, increasingly, with the wave of a smartphone or swipe of a finger. At the same time, we’re also seeing a steep rise in the cost of goods, availability of things to buy, and pressure to keep up appearances in our social media dominant world. So, what does it mean to live within your means?

Are you living within your means? It’s easier than ever to spend more than we can afford. We pay for most purchases with a debit or credit card — or, increasingly, with the wave of a smartphone or swipe of a finger.

The cost of daily goods has been rising over the past few years, increasing the price of food, gas, clothing, and other essential items Canadians need. Now might be a good time to revisit your budget to ensure your monthly income covers your expenses.

How To Budget For Inflation (MNP 3 Minute Debt Break) Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

If you’re like many Canadians, you’ve likely been hearing about high interest rates, household net worth, and the performance of financial markets. Maybe you’re even feeling the squeeze of prolonged high interest rates. But what do all these numbers mean? And how is it impacting your money management?

Behind the numbers: Understanding Canadian debt challenges If you’re like many Canadians, you’ve likely been hearing about high interest rates, household net worth, and the performance of financial markets.

The fourth season of the MNP 3 Minute Debt Break podcast has come and gone, and now it's time look back at a few of our favourite episodes.

Best of Season 4 - MNP 3 Minute Debt Break Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

Let’s discuss what happens if you owe the CRA a lot of money and review the options available to help you regain control of your finances.

What happens if I owe the CRA a lot of money? Owing a large amount of money to the CRA can feel overwhelming. There are options available to help you achieve a fresh financial start.

There are benefits to paying off a Consumer Proposal early. But do they exceed the potential pitfalls? Let’s take a look.

Can I pay off my Consumer Proposal early? There are benefits to paying off your Consumer Proposal early. But do they exceed the potential pitfalls?

The latest MNP Consumer Debt Index has rebounded significantly to 91 points — an eight-point jump since last quarter after a full year of low scores. Conducted quarterly by Ipsos on behalf of MNP Limited, the Consumer Debt Index tracks Canadians’ attitudes about their debt and ability to meet their monthly payment obligations.

April MNP Consumer Debt Index (3 Minute Debt Break) Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

Filing for Bankruptcy can feel overwhelming, especially given the persisting stigmas. Rarely does anyone share their financial troubles openly, much less when it involves Bankruptcy. It’s important to know that simply seeking out help for your finances won’t compromise your privacy.

Who will know about your Bankruptcy? It’s important to know that simply seeking out help for your finances won’t compromise your privacy.

Would you believe that being environmentally friendly can also save you money? Here are five eco-friendly ways to save money while reducing your carbon footprint.

5 ways to save money while saving the environment Earth Day is a time to reflect on our everyday choices and how they can impact the environment.

Managing personal finances in Canada's current economic landscape is a discussion most households are having. With high levels of household debt, soaring inflation, and climbing interest rates, understanding and navigating personal finance has become crucial for individuals and families alike.

What are the signs of good (and poor) financial health? (3 Minute Debt Break) Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

The latest MNP Consumer Debt Index has rebounded significantly to 91 points — an eight-point jump since last quarter after a full year of low scores. Details behind MNP’s Consumer Debt Index, along with media coverage and our provincial and national news releases can be found at our website.

The latest MNP Consumer Debt Index has rebounded significantly to 91 points — an eight-point jump since last quarter after a full year of low scores. Details behind MNP’s Consumer Debt Index, along with media coverage and our provincial and national news releases can be found at our website.

MNP Consumer Debt Index Get a free confidential consultation today. Fill out the form below and an MNP Debt Advisor will contact you within 1 business day.

Often, people focused on solving debt problems through a Consumer Proposal or Bankruptcy may not recognize the impact these processes can have on their personal income taxes. Ultimately, many questions arise.

Will a Consumer Proposal or Bankruptcy impact my tax refund? Often, people focused on solving debt problems through a Consumer Proposal or Bankruptcy may not recognize the impact these processes can have on their personal income taxes.

Wave 28 of the MNP Consumer Debt Index reveals that more Canadians perceive their current debt situation to be better (27%, +5 pts) and fewer rated it as much worse compared to a year ago (16%, -6 pts).
“Canadians are more confident about their current debt situation, expected debt situation, and ability to absorb interest rate increases,” says Grant Bazian, President of MNP LTD., the country’s largest insolvency firm.
“However, Canadian households are still feeling the squeeze from looming mortgage renewals, pandemic-related financial setbacks, and intensifying cost-of-living pressures.”
The latest MNP Consumer Debt Index has rebounded significantly to 91 points — an eight-point jump since last quarter after a full year of low scores.
While fewer this quarter are concerned about their ability to repay their debts (58%, -5 pts), repayment anxiety persists for the majority of Canadians.
Almost half (45%) report being $200 or less away from failing to meet all their financial obligations and more than half (54%, -3 pts) say they will be in financial trouble if interest rates go up much more.
The latest MNP Consumer Debt Index reveals half of Canadians (49%) are feeling a social squeeze on their personal finances — meaning they are worried about the amount of money they’ll have to spend on social obligations.
Canadians aged 18-34 (59%) and 35-54 (58%) are most concerned with social squeeze due to having to fulfill expensive social obligations such as weddings or graduations.
Those with poor personal debt ratings are significantly more concerned (75%) given their already precarious financial position. Some may be sinking further into hardship because they simply can’t afford to participate.
While a third of Canadians say they have recovered financially since the start of the pandemic in 2020 (33%), another third state they are worse off financially now than they were pre-pandemic (32%).

Wave 28 of the MNP Consumer Debt Index reveals that more Canadians perceive their current debt situation to be better (27%, +5 pts) and fewer rated it as much worse compared to a year ago (16%, -6 pts).
“Canadians are more confident about their current debt situation, expected debt situation, and ability to absorb interest rate increases,” says Grant Bazian, President of MNP LTD., the country’s largest insolvency firm.
“However, Canadian households are still feeling the squeeze from looming mortgage renewals, pandemic-related financial setbacks, and intensifying cost-of-living pressures.”
The latest MNP Consumer Debt Index has rebounded significantly to 91 points — an eight-point jump since last quarter after a full year of low scores.
While fewer this quarter are concerned about their ability to repay their debts (58%, -5 pts), repayment anxiety persists for the majority of Canadians.
Almost half (45%) report being $200 or less away from failing to meet all their financial obligations and more than half (54%, -3 pts) say they will be in financial trouble if interest rates go up much more.
The latest MNP Consumer Debt Index reveals half of Canadians (49%) are feeling a social squeeze on their personal finances — meaning they are worried about the amount of money they’ll have to spend on social obligations.
Canadians aged 18-34 (59%) and 35-54 (58%) are most concerned with social squeeze due to having to fulfill expensive social obligations such as weddings or graduations.
Those with poor personal debt ratings are significantly more concerned (75%) given their already precarious financial position. Some may be sinking further into hardship because they simply can’t afford to participate.
While a third of Canadians say they have recovered financially since the start of the pandemic in 2020 (33%), another third state they are worse off financially now than they were pre-pandemic (32%).

“Many Albertans are feeling overwhelmed and discouraged by how expensive it is to attend or participate in social events or celebrations, such as birthdays, weddings, or graduations. Some may be sinking further into hardship because they simply can’t afford to participate.”

Albertans’ concerns about debt and interest rates ease, yet repayment anxiety persists for majority The latest MNP Consumer Debt Index finds that Albertans are feeling increasingly confident in their personal finances this quarter as interest rate concerns ease.

“Despite improved financial sentiment across most provinces, British Columbians continue to face significant debt anxieties.”

Significantly more British Columbians report being $200 from insolvency, three in 10 say they can’t cover their bills and debt payments each month The latest MNP Consumer Debt Index finds that British Columbians continue to grapple with debt anxieties, especially when compared with the rest of the country.

More than half of Saskatchewan residents — more than those in any other province — are feeling a social squeeze as the financial pressure of social obligations means many simply can’t afford to participate.

Concerns about debt and interest rates ease in Saskatchewan and Manitoba, yet repayment anxiety persists for majority The latest MNP Consumer Debt Index finds that Saskatchewan and Manitoba residents are feeling increasingly confident in their personal finances this quarter as interest rate concerns ease.

“The latest report suggests a noticeable shift in sentiment among Manitoba residents, reflecting a modest improvement in how they feel about their debt situation.”

Concerns about debt and interest rates ease in Manitoba and Saskatchewan, yet repayment anxiety persists for majority The latest MNP Consumer Debt Index finds that Manitoba and Saskatchewan residents are feeling increasingly confident in their personal finances this quarter as interest rate concerns ease.