Half of Saskatchewan families on verge of bankruptcy
Saskatchewan families are just barely staying financially afloat.
The latest numbers according to accountancy firm MNP’s Consumer Debt Index is that half of the province’s residents are only $200 away from bankruptcy after they pay their regular bills.
Pam Meger, an MNP Senior Vice President of Insolvency and Corporate Restructuring out of Regina, said one of the major issues is people have become too dependent on lines of credit.
“We’ve become very comfortable with borrowing. So what we’re seeing now is when that interest rate goes up it really affects monthly cash flow that people were using to bring down the debt,” Meger said. She added it may not get better.