The latest MNP Consumer Debt Index, which comes from a quarterly survey of how people are feeling about their finances, suggests that nearly a third of Saskatchewan residents began the New Year already financially insolvent, unable to pay their bills and debt obligations.
The survey also indicates nearly half, at 49 per cent of those surveyed, say they are $200 or less away from not being able to pay their bills.

MNP Licensed Insolvency Trustee in Saskatoon, Michelle Scheller, says even though interest rates went down a bit, it hasn’t been enough to offset the cost of living. And now, in January with the holiday bills coming due, Scheller advises that if you are having trouble, even though it’s a tough thing to admit, talk to your bank. Maybe you can consolidate some of your cards or get a lower interest rate.

She adds that taking a look and refreshing your budget might help, and if you still aren’t able to make it work, talk to a Licensed Insolvency Trustee to go through all your options, and do it earlier than later, because if you leave it too long, you may have fewer options.