Canadians may be swimming in debt but help is out there
If you are having trouble paying your bills, a licensed insolvency trustee says you’re not alone.
“We’ve got interest rates on the rise and inflation going up, and we continue to see people struggling with their finances,” said Michelle Statz of Bromwich + Smith, licensed insolvency trustees.
“We see people at all levels of income, all ages and some have experienced life circumstances that are unexpected.”
Statz said she does see people struggling with their budget all the time, and whether they are going to spend money on food or pay their rent or mortgage.
“It’s that and not to mention that they are swimming in debt payments,” she said.
“It’s disconcerting when they have trouble paying their costs or putting food on the table.”
Statz said we are lucky in Canada that there are resources available to help people cope when their budgets are out of control and also help with debt repayment.
“There are always options and bankruptcy is always the last option. It’s really about having a professional look at your budget: what’s realistic, what do you need to live on, and what are your payments?”
She said if the income doesn’t cover your budget and expenses, then you have to take a look at options.
CTVNews.ca Top Stories
'The root cause': Canada outlines national action plan to fight auto theft
The federal government is launching what it calls its 'national action plan' to combat auto thefts, which will include stronger penalties for thieves, and increased information sharing between police agencies, government officials and border enforcement.
What is BORG drinking, and why is it a dangerous trend? An expert explains
If you've been to a party lately and haven't seen someone drinking a BORG, you're likely not partying with college students.
The world's best airline is paying staff a bonus of 8 months' salary
Singapore Airlines will reward its employees with a bonus worth nearly eight months of salary, a person familiar with the matter told CNN on Friday.
Michael Cohen says he stole from Trump's company as defence presses key hush money trial witness
Michael Cohen testified Monday that he stole tens of thousands of dollars from his ex-boss Donald Trump’s company, an admission defence lawyers hope to use to undermine Cohen’s credibility.
Red Lobster probes 'endless shrimp' losses after bankruptcy filing
U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing $100 million in financing commitments from its existing lenders, the company said on Sunday.
'Next man up': Canucks coach, teammates bracing for Game 7 without Brock Boeser
Questions about how the team is going to handle the absence of star winger Brock Boeser from a do-or-die game seven dominated pre-game interviews with the Vancouver Canucks coach and players Monday morning.
Katy Perry sings goodbye to 'American Idol'
Katy Perry said her goodbyes on 'American Idol' after seven seasons. On Sunday night’s live 'idol' season finale, a medley of Perry's hit songs were performed, including 'Teenage Dream,' 'Dark Horse' and 'California Gurls.'
U.S. Supreme Court rejects appeal from former Guantanamo detainee Omar Khadr
The U.S. Supreme Court on Monday rejected an appeal by a Canadian-born former Guantanamo detainee who was seeking to wipe away his war crimes convictions, including for killing a U.S. soldier in Afghanistan.
Woman, 35, in critical condition after her truck collided with a Via Rail train near Montreal
A 35-year-old woman is in critical condition after the pick-up truck she was driving was struck by a Via Rail passenger train Monday morning in Quebec's Monteregie region.