Vancouver – The latest wave of the MNP Debt Index shows that British Columbians’ overall attitudes towards their personal financial situation have declined significantly since March. The number of people in the province who say they are $200 or less away from financial insolvency at month-end jumped five points to 44 per cent, the largest increase compared to the other provinces.
Those who find themselves in serious financial trouble could be digging themselves into a deeper hole by not seeking out help when they need it. The survey, conducted by Ipsos on behalf of MNP LTD shows that half of British Canadians (49%) say they would be embarrassed to get help if their financial situation was bad enough to consider bankruptcy. More than a quarter (28%) of survey respondents say that the stigma surrounding bankruptcy prevents them from seeking help.
While sixty per cent (60%) of British Columbians rate their personal debt situation as bad, the survey revealed that many don’t know how to improve it. One quarter (26%) said they don’t know how to get out of debt or where to turn for help. What’s more, is that there is a lack of trust among British Columbians when it comes to debt relief professionals. Half of British Columbians (50%) say that they have a hard time trusting professional companies to help them get out of debt.
The latest official figures from the Office of the Superintendent of Bankruptcy (OSB) show that the number of British Columbians who filed for bankruptcy or a consumer proposal in the first quarter of 2019 was up 3.9 per cent compared to the same quarter of last year.