People in the Regina-Moose Mountain region are having more difficulty dealing with debt according to statistics from the Office of the Superintendent of Bankruptcy.
Those numbers released last month and show the highest rate of insolvency is found in the region.
Since the stats were tracked beginning in 1987, the number of consumer insolvencies per thousand residents in the area aged 18 years or older reached 4.5 in 2018. It happens to be the highest rate ever recorded since the late 80s.
Pamela Meger is a debt expert and Licensed Insolvency Trustee with MNP LTD. She discussed one of the biggest reasons for why people struggle with their financial situations.
“So many don’t have emergency savings, so any kind of unexpected event like a car repair or loss of employment can put people over the edge,” she explained. “Cost of living has increased over time: fuel, groceries, both rent and housing have gone up.”
- Nearly three-quarters (72 per cent)of residents say they owe more than $1,000 in debt
- One in three (32 per cent) admit they do not have enough cash on-hand to pay their debts as they become due
- One in three (35 per cent) do not pay all of their debt payments on time
- One in three (34 per cent) share they owe more in debt than they are worth
So how can people right the ship and push themselves towards the right direction? Meger admitted it’s as simple as asking for help as soon as possible.
“The longer people wait to seek help, the worse the situation,” she advised. “The first step for anyone struggling financially is to seek advice from a professional.”