We were astounded to see media headlines last week stating that “1 in 3 Canadians threaten to go bankrupt if interest rates keep climbing.” This was reported on the heels of the Bank of Canada’s decision to increase the overnight rate by 0.25% for a third time since July 2017. (The media did exaggerate slightly, the real numbers are that over 40% of Canadians recently surveyed are worried they will be in financial trouble if interest rates keep rising. 1 in 3 of those 40% are afraid they may face bankruptcy.) Regardless, the bottom line is too many Canadians are deep in debt and feeling helpless. It’s not low interest mortgage debt that’s the problem, it’s high interest rate lines of credit, credit cards and loans.

According to the nation-wide survey executed by IPSOS on behalf of MNP Chartered Accountants, 48% say they are within $200 of not being able to meet their monthly financial obligations, up from 42% in September. Does this sound like you or someone you know? What can be done, you ask? CONTACT US, WE CAN HELP!

Many people think their options are limited when drowning in debt. They think they’ll either have to sell their homes and property, go into Consumer Proposal or file for Bankruptcy in order to get back on track. Contact us first. We will do everything possible to make sure the equity in your home does not slip through your fingers. We have a number of tools that can help you in your individual situation. From alternate mortgage solutions to debt negotiation to refinancing vehicle loans, we will consult with you, look at your big picture and develop a plan specifically for you.

There are many reasons life gets ahead of people. Maybe you needed a new roof or emergency car repairs and were forced to put these expenses on credit cards or a credit line. Perhaps there was an illness in your family and as a small business owner, you now find yourself in tax arrears. Maybe you’ve been through a divorce and have struggled ever since. Whether you are suffocating from high interest consumer debt, property tax or income tax arrears, we can help.

Contact us today.