A new study showed that more than 50% of Manitoba residents receive less money than they need for their monthly expenses. The residents of Saskatchewan also found themselves in a similar situation.
During the last survey, which was in September, only 14% of Manitoba residents complained that they were on the verge of financial insolvency. This figure has almost tripled now. The same survey showed that every third person in the province is not able to pay his bills in full. Accordingly, these residents are now 7% more than in the previous survey.
A licensed insolvency trustee at MNP, Tanya Reynolds, thinks that people need to look at their options.
“Looking at your options as far as what’s going to change in the near future that might improve your situation or are we looking at a situation where it might be time to maybe go and meet with someone and discusses our options going forward,” Reynolds explained.
Most residents of these two provinces believe that the biggest problem is the interest rate rise.
“It’s definitely having an impact,” Reynolds noted. “When interest payments were lower, the payment was more manageable. Now, when you’re sitting with debts with a variable interest rate, those payments are gradually going up.”
Also, Reynolds informed that interest rate will not change during the next year. In this regard, the most important thing that should be done by those people who find themselves in a difficult financial situation is to find a financial assistant who can suggest how to solve their problem.