Saskatchewan’s economy was struggling before the global pandemic hit, so debt levels are rising in many households.
An MNP Consumer Debt survey conducted at the beginning of March shows almost half of Saskatchewan’s residents are on the brink of insolvency, meaning they are $200 or less away from not being able to pay all their bills each month.
That was before all the layoffs from business closures.
A Licensed Insolvency Trustee from MNP, Michelle Scheller understands the situation is scary, but she advises to review and revise your budget and look at the recently announced government programs to see if you can take advantage of them.
Reach out to your bank and any other creditors to see if you can work something out, like skipping payments, and if you still need more help contact a licensed insolvency trustee because there may be other options for you.
Scheller also urges everyone to stay away from high interest or pay day loans.