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Indebted British Columbians urged to seek professional debt advice before borrowing more to make ends meet. #MNPcdi #COVID19 #CERB

Amidst all the uncertainty the pandemic has caused, one thing is certain: the underlying debt problems faced by Canadians have not gone away." A new IPSOS poll conducted on behalf of MNP LTD. has found that four in 10 (43%) Canadians still experiencing COVID-related disruption to their employment, despite improving jobs figures. Read more here: https://mnpdebt.ca//covid-consumer-debt-nearly-half-of-can

Four in 10 (43%) Canadians still experiencing COVID-related disruption to their employment, despite improving jobs figures. Read more: https://mnpdebt.ca//covid-consumer-debt-nearly-half-of-can #COVID19 #MNPcdi #CERB

Grant Bazian, president of MNP, discusses a survey the insolvency firm commissioned on the impact of the coronavirus pandemic on employment and finances. The polling found 45 per cent of those receiving emergency COVID-19 benefits will use debt to help meet their needs if they were no longer able to receive government assistance. #MNPcdi #CERB #COVID19

Despite the slowing of credit-use by Canadian consumers on some fronts due to the COVID-19 pandemic, overall consumer debt continues to grow - and the main driver is a resurgent mortgages market.

Posthaste: Household debt and insolvencies in Canada are creeping up again after COVID hiatus And its likely to get worse before it gets better Read more:

The youth of today face a wide range of financial challenges that were mostly unheard of just a generation ago. The cost of rent, real estate, post secondary tuition and consumer products are all largely outpacing inflation. The thought of purchasing a home, paying off student loans or saving enough to retire comfortably seems increasingly out of reach. Listen to our latest episode of MNP 3 Minute Debt Break Podcast here: #MNPDebtBreakPodcast #DefeatDebt

When individuals can no longer service their debt, it creates significant issues for both the borrower who may find themselves in an ever-worsening cycle of debt and their lender(s) who are having trouble recovering the money owed to them. Thats why many countries have some form of legislation to govern such situations. In Canada, that falls under the Bankruptcy and Insolvency Act, or BIA. #DefeatDebt

The Bank of Canada says the economic recovery from COVID-19 will need help from policymakers, which is why the central bank is committing to keeping its benchmark interest rate at 0.25 per cent for as long as necessary.

Happy Labour Day! Put a little work into your finances and you could #DefeatDebt

"One less stress, one less pressure so he could have a fighting chance to turn the rest of his life around." If youve found yourself overcome by debt due to addiction, MNP Debt can help. #LifeHappens #DefeatDebt

Its not something weve heard a lot of lately but there is some financial optimism many Canadians are experiencing. Its the financial upside to the pandemic thanks to relief measures and reduced spending. Listen to the latest episode of MNP 3 Minute Debt Break Podcast here: #DebtBreakPodcast #DefeatDebt

They cant threaten court action when the courts arent open, said Randy Kobbert, licensed insolvency trustee with MNP. Read more:

If youre overburdened by debt, Bankruptcy can be a practical and cost-effective solution to achieve a financial fresh start. But it will not always free you from repaying a portion of your outstanding debts. #DefeatDebt

Creating a spending plan starts with knowing where you are at now. If youre uncertain as to what your current monthly or annual expenses are, it will be tough to know where to make any changes. Step one would be to write out what your current income and expenses are, or at least your best estimate for now. Thats a huge start. Maybe this involves saving receipts for a month or two to get an idea. To help with this, we have a helpful Budget Worksheet for you to use. #DebtCalculator #DefeatDebt #DIYDebtSolutions

The COVID-19 pandemic has shut down businesses, shaken the global economy and caused large job losses across the country. Thousands of Canadians are taking advantage of federal support measures and many are considering additional ideas to slow all the financial pressures theyre under. Listen to the second episode of MNP 3 Minute Debt Break Podcast here: https://mnpdebt.ca//mnp-debt/covid-mnp-3-minute-debt-break

Our quarterly contest ends tonight at 11:59 local time. If you have not entered already, please scroll down to our contest post and make sure to participate! We will be drawing winners on Monday, August 24, 2020.

You can now listen to our first episode of MNP 3 Minute Debt Break Podcasts here: https://mnpdebt.ca//financial-scams-mnp-3-minute-debt-break Topic: Financial Scams #DebtFree #MNPDebtPodcast

The Canada Emergency Response Benefit (CERB) has been a welcome respite for Canadians struggling with the economic fallout of COVID-19. However, households need to consider how they will cope in a post-CERB economy. Here are some tips that can help you weather the next several months of uncertainty and instability with greater confidence.

Canada has pulled out the stops to support the economy through the coronavirus crisis, flooding the system with aid while piling on record debt. Read more:

"...analysts warned that a significant increase might take place after payment deferrals and similar financial assistance programs have run their course." Read more:

Take control of your financial fresh start by accessing our Do-it-Yourself Debt Solutions tools. Click here to learn more: https://mnpdebt.ca/en/resources/diy-debt-solutions

MNP is honoured to be nominated for the Canadian Lawyer Magazine Readers Choice Awards 2020 in the following categories: Forensic Accounting, Business Valuation Services, Trustee in Bankrupt/Restructuring Services, Cyber Security Consultants and Litigation Support. You can vote for us and show your support in the survey link below:

The total number of insolvencies (bankruptcies and proposals) in Canada increased by 4.7% in June 2020 compared to the previous month. Bankruptcies increased by 8.0% and proposals increased by 2.9%. Read more:

WIN a $100 Amazon Gift Card To enter: Tell us about the best, most budget friendly hobby youve embraced during the COVID-19 lockdown and social distancing. Want to be entered twice? Like this post along with posting your response to double your chances to win!... Note: Contest is open to all Canadian residents (excluding Quebec). Deadline for entry is August 21, 2020 at 11:59 p.m. local time. Winning response will be selected through a random draw. Full contest rules and regulations available by visiting https://mnpdebt.ca/en/resources/legal

Are you thinking of applying for your first credit card? Or perhaps, you now have your first credit card. Here is what you need to know about your first credit card. #DefeatDebt

"According to the poll, the grim economic conditions have had a negative effect on British Columbians ability to budget and save." Source: Global News #MNPcdi

Some households are bracing themselves for a crash landing when the current relief measures come to an end and leave them to face an uncertain post-pandemic economy. #MNPcdi

"The latest MNP Ltd. poll published Monday reveals that after the various forms of government support, some who were previously struggling now have a feeling of optimism." Source: @BNNBloomberg #MNPcdi

"The latest MNP Consumer Debt Index shows that 56% of those in B.C. believe they will be able to cover their living expenses over the next 12 months the lowest proportion in Canada." Source: Castanet #MNPcdi

It wouldnt take much to push many B.C. households into dangerous territory. Just $200. Thats a small car repair or a loss in overtime pay, says Gilbertson. #MNPcdi

Results for July 2020 MNP Consumer Debt Index are here. Please visit the link below to view all the releases, statistics and findings in one place. Did you know? You can also subscribe to our releases so you never miss an update! #MNPcdi

Canadians are feeling more upbeat about their personal debt situation than any point over the past three years. Visit www.mnpdebt.ca/cdi to learn more about this quarters findings. #MNPcdi

The quarterly poll, which is conducted by Ipsos on behalf of MNP LTD, found Canadians feel more confident than ever about being able to cover their living expenses for the next 12 months without going further into debt. #MNPcdi

MNP Consumer Debt Index highlights financial upside of pandemic among Canadians: After reaching a record low in early March, the MNP Consumer Debt Index has climbed three points to 96, with increasing optimism about personal finances.To learn more, visit: www.mnpdebt.ca/cdi #MNPcdi

A report says the numbers are out of sync with the financial struggles many are facing.