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Half of Canadians on brink of insolvency as pandemic hardships continue

  EDMONTON The number of Canadians on the brink of financial insolvency has reached a five-year high, with more than half of people $200 or less away from being unable able to meet their financial obligations each month, according to a recent survey. As pandemic-related financial support and loan deferral programs slow down and ongoing economic disruptions impact household incomes, 30 per cent of Canadians say they are already insolvent, with no money left at the end of the month to cover their payments, according to the latest MNP Consumer Debt Index. “We saw that pandemic-related financial relief measures provided some breathing room over the last year, but now we’re seeing a reversal,” Grant Bazian, president of MNP Ltd., said in a press release.

Credit Card Debt and COVID-19 Pandemic Pushing BC Bankruptcies and Proposals – Revealing New Debt Study Goes Beyond the Numbers

News Category Global Banking & Finance Reviews Credit Card Debt and COVID-19 Pandemic Pushing BC Bankruptcies and Proposals – Revealing New Debt Study Goes Beyond the Numbers Credit Card Debt and COVID-19 Pandemic Pushing BC Bankruptcies and Proposals – Revealing New Debt Study Goes Beyond the Numbers VANCOUVER, British Columbia, Jan. 11, 2021  Sands & Associates, BC’s largest firm of Licensed Insolvency Trustees serving individuals and small businesses, released the results of the 2020 BC Consumer Debt Study today. This unique annual study polled over 1,800 consumers around the province who declared Bankruptcy or consolidated debt using a Consumer Proposal. In addition to examining causes of debt and the often-severe impacts for British Columbians facing debt problems, the 2020 BC Consumer Debt Study found that:

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