2023-07-11 13:22:52
Rising cost of living, groceries, housing, it is increasingly difficult to make ends meet for many people. According to a new Ipsos poll, 35% of Canadians are now unable to pay their debts, up 6% from last quarter.
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More than half (52%) of Canadians say they are $200 or less away from not being able to make ends meet at the end of the month, according to an Ipsos poll conducted on behalf of insolvency professional group MNP Ltd. .
For the licensed insolvency trustee at Raymond Chabot Sophie Desautels, these figures are representative of what she sees every day in her office.
“We see more and more people who are very anxious about their financial situation. […] We are reaching a point where people have already cut their superfluous expenses. They come into our office and they’ve cut entertainment, movies cut restaurant bills, and they’ve started cutting grocery bills by being creative. We are starting to cut back on basic needs, ”says Ms. Desautels.
She invites people who feel anxious about their situation to consult an insolvency trustee and she assures that bankruptcy is not the only solution, and that several other options are possible.
She gives advice that may seem simple, but very important.
“If you haven’t revised your budget since 2022, you have to do it again! With the increase in the cost of living, we see it in everything, everything we do every day does not cost the same as in 2022. If we have big surprises, we ask for help, we consult a trustee and we really shouldn’t wait too long, that’s what we have to do, ”she insists.
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