$200 of being unable to pay their bills.<\/a><\/p>\n\u201cWhen there\u2019s so little left at the end of the month, even a small, unexpected cost can force people to rely on credit that comes with steep borrowing costs,\u201d said Linda Paul, a licensed insolvency trustee with MNP LTD.<\/p>\n
\u201cAt that point, debt can quickly snowball and become overwhelming. The longer people wait to get help, the more difficult it can feel to find a way forward.\u201d<\/p>\n
Herman echoed Paul’s message.<\/p>\n
“Let’s take it…somebody’s maxed out their credit card, they’re not able to put those groceries on their credit card anymore, and now they have to pay for the groceries out of their pocket, and they have the minimum payment on the credit card,” Herman stated.<\/p>\n
“Can they do it? What happens when they can’t?”<\/p>\n
Herman recommends that if someone is having financial problems, they should speak to a professional to get a clear picture of their next steps to take.<\/p>\n
\u201cIf I were to give people advice, doing the job I do\u2026it’s tracking where your money’s going,\u201d said Herman.<\/p>\n
\u201cBecause a lot of people aren’t aware of where their money goes. They can’t make changes until they know.\u201d<\/p>\n
The Kelowna-based insolvency trustee added that while the latest MNP Consumer Debt Index covered individuals, it is not just individuals who are struggling.<\/p>\n
\u201cIt’s not just individuals,\u201d she said.<\/p>\n
\u201cOur survey is about individuals, it’s a whole picture of if individuals are doing bad, then businesses are gonna start doing bad, and they are.\u201d<\/p>\n
Watch the above video to hear more about what the pair discussed, including mortgage renewals, the future of AI in the workplace and much more.<\/p>\n
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