Insolvency, Bankruptcy Rates Up In Saskatchewan

Insolvency and bankruptcy rates in Saskatchewan are rising, according to the latest MNP Consumer Index Report, Global News reported. The report indicates about 52 per cent of residents say they could not cover a $200 expense at the end of the month. Forty-five per cent believe they won’t be able to cover their expenses in 2020 without diving deeper into debt. “Consumer debt is still a real problem… one of the biggest issues is many have allowed their debts to snowball and are now in a position where it is very difficult to get back on track financially,” said Pamela Meger, Regina-based licensed insolvency trustee with MNP Ltd. The amount of bankruptcy filings in Saskatchewan is up 24 per cent year over year — the highest countrywide. According to Statistics Canada, retail sales are also down 2.2 per cent in the province year over year. Read more