MNP Debt

Starting a Consumer Proposal marks the first step in your journey to financial control. But the true test lies in rebuilding a strong and resilient financial foundation for the future. By following certain guidelines, you can turn challenges into opportunities for growth and prosperity.

Financial challenges: Recovery after a Consumer Proposal Starting a Consumer Proposal marks the first step in your journey to financial control.

Let’s discuss the requirements that you need to meet before you declare Bankruptcy, and how a Licensed Insolvency Trustee (LIT) can help you choose the right option to take back control over your finances.

Am I qualified for Bankruptcy? Do you qualify for Bankruptcy? Explore the four conditions you must meet and learn why talking to an LIT can help you understand all your debt relief options.

Almost half of all Canadians are just $200 away from not being able to cover their monthly expenses. If you're feeling the financial squeeze, you're not alone. But what happens when unexpected costs push you over the edge? If you're grappling with debt but want to avoid the long-term effects of bankruptcy, a Consumer Proposal might be your solution.

Pros and Cons of Consumer Proposals (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.

Canadians continue to load up their credit cards with debt in the second quarter of 2024, reaching a 17-year high for the average outstanding card balance.

Consumer debt rises to $2.5 trillion, average credit card balance at 17-year high Equifax Canada report reveals total consumer debt was up more than 4% in Q2

Here's how debt can impact your life outside of your finances:

The other costs of debt: Consequences beyond the bank account Debt doesn’t just show up in the bank account. It can also create a deficit in people’s hearts, minds, and everyday lives.

Randy Kobbert is an LIT with MNP Debt based in Lethbridge, Alberta. He recently helped a debtor navigate the debt relief journey — and we have shared their story below.

How an LIT can help you navigate the debt relief journey Meta Description How can an LIT help you navigate the debt relief journey? Read Randy Kobbert’s story to discover how he helped a debtor achieve a fresh financial start.

A recent survey revealed more than a third of couples either haven't or don't plan to discuss their debt with a potential spouse before marriage. Given that money and debt are leading causes of divorce, this lack of communication can be concerning.

Marriage and Debt (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 striving for financial stability, generative AI (GenAI) tools — like ChatGPT and Copilot — can be a game-changer for budgeting. And if you’re dealing with debt, these tools can provide an effective starting point while you wait for professional help. So, what exactly can ChatGPT help you with? Let’s dive in.

Seven ways to use AI to create and stick to a budget Thanks to artificial intelligence (AI) and tools like ChatGPT, getting financial guidance is now easier and more personalized than ever before.

The MNP Consumer Debt Index has dropped to 85 points, down six points from the previous quarter. Conducted quarterly by Ipsos on behalf of MNP LTD., the Consumer Debt Index tracks Canadians’ attitudes about their debt and ability to meet their monthly payment obligations. This decline in the debt index signals increasingly negative debt perceptions despite the recent interest rate cut by the Bank of Canada.

MNP Consumer Debt Index - July (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.

The MNP Consumer Debt Index measures Canadians’ attitudes toward their consumer debt and gauges their ability to pay their bills, endure unexpected expenses, and absorb interest-rate fluctuations without approaching insolvency. Conducted by Ipsos and updated quarterly, the Index is an industry-leading barometer of financial pressure or relief among Canadians. Now in its twenty-ninth wave, the Index decreased to 85 points, down six points since last quarter. Visit MNPdebt.ca/CDI to learn more.

The MNP Consumer Debt Index has dropped to 85 points, down six points from the previous quarter. Almost two-thirds (65%) of Canadians say high interest rates have had a negative impact on their household finances. Nearly three in five Canadians say interest rates will need to drop much further before their financial situation significantly improves (57%). Almost half (47%) agree that they are still concerned about their ability to repay their debts, even if interest rates decline. A third (34%) feel they are so heavily in debt that even lower interest rates would offer little relief.

Fewer Canadians perceive their current debt situation to be better compared to a year ago (23%, -4 pts), while more (19%, +3 pts) rated it as much worse.
More than half express concern that interest rates may not decline quickly enough to provide the financial relief they need (56%).
However, about two in five intend to save more (45%) or accelerate their debt repayment (36%) if interest rates drop in the next three months, potentially counting on rate cuts to improve their financial situation.

Nearly half (46%) of Canadians are $200 or less away from failing to meet all their financial obligations, and three in 10 (29%, -2 pts) say they already can’t cover their bills and debt payments.
Struggling with unmanageable debt is more common than people think. Seeking professional advice sooner rather than later can help you take back control over your finances.
Licensed Insolvency Trustees are the only federally regulated debt professionals who can assist with all the debt relief options. MNP LTD has the largest national footprint of any firm in Canada and provides free consultations across the country — anywhere and everywhere you need us.

A Consumer Proposal or personal Bankruptcy can help you get relief from debt including credit card debts and many other forms of credit. What many people don’t realize is that there are some debts that aren’t erased or discharged upon the completion of a Bankruptcy or Consumer Proposal. Let’s take a look at 6 kinds of debt that will still remain after your Bankruptcy or Consumer Proposal.

6 Debts left after a Bankruptcy or Consumer Proposal For people struggling with debt, filing for Bankruptucy or a Consumer Proposal might be the best option.

More than half of Ontarians say interest rates will need to drop much further before their financial situation significantly improves, according to the latest MNP Consumer Debt Index.

More than half of Ontarians say interest rates will need to drop much further before their financial situation significantly improves Ontarians are feeling pessimistic about their personal finances this quarter, despite the recent interest rate cut by the Bank of Canada.

“Canadians may have hoped for a more significant cut to interest rates or to experience a quicker impact from the reduction. It's left many individuals feeling disheartened.”

MNP Consumer Debt Index drops six points, reflecting Canadians’ worsening debt outlook despite recent interest rate cut The MNP Consumer Debt Index has dropped to 85 points, down six points from the previous quarter.

You may find yourself spending too much money on a night out with your friends or making larger purchases to keep up with their lifestyles. This is called the social squeeze, where you spend more money than you have on lifestyle or social obligations. These five tips can help you resist the social squeeze on your finances.

Five tips to resist the social squeeze on your finances How can you resist the social squeeze on your finances? These five tips can help you resist peer influence and prevent overspending.

You may be struggling to keep up with your debt payments and wondering if Bankruptcy is the right solution for you to achieve a fresh financial start. However, you need to meet four conditions before you qualify to file for Bankruptcy in Canada.

Am I qualified for Bankruptcy? Do you qualify for Bankruptcy? Explore the four conditions you must meet and learn why talking to an LIT can help you understand all your debt relief options.

Debt can be a heavy burden, and exploring a consumer proposal can feel daunting. It's natural to seek information online or talk to loved ones during this stressful time. Let's tackle three common myths about Consumer Proposals to help you make the right decision.

Myth-Busting Consumer Proposals (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.

Think of your life as a book with many chapters. MNP helped you manage your debt through a Consumer Proposal or Bankruptcy, closing that difficult chapter. Now, it’s time to turn the page and start living debt-free.

Life after Bankruptcy The fresh start you obtain after filing a Consumer Proposal or Bankruptcy offers many new paths for managing your day-to-day needs and planning for your future.

The short answer is yes. But first, ask yourself if you should. There are benefits to paying off your 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?

In today’s digital era, the convenience of obtaining anything with a tap of your finger is undeniable. However, these luxuries can quickly add up, significantly impacting your bank account. Let's take a look at some common digital expenses and strategies to keep them under control.

How to Manage Digital Costs Draining Your Bank Account (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.

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.