'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Many households have made inroads in building up their net worth. Savings levels have soared and household balance sheets have improved.
A new report out on the latest insolvency statistics by MNP Ltd. for the month of November 2021 found the total number of insolvencies decreased by 8.9% year over year.
Consumer insolvencies decreased by 8.7% over the same period, and consumer bankruptcies by a whopping 18.2%.
However, my fear is that this might be a case of that was then and this is now. Here is why I am so worried.
Prior to the pandemic, the debt level of Canadians was skyrocketing. Spending beyond our means had become the norm.
I cautioned on more than one occasion that the day of reckoning was fast approaching, that cash-strapped Canadians barely making ends could force delinquencies higher, should higher rates lead to larger payments and in turn compromise their ability to pay to their debt obligations.
Well, the pandemic hit and rates didn't go higher. In fact, they went lower.
The day of reckoning never transpired for households that were racking up debt and spending as if there was no tomorrow.
However, what did happen was that the pandemic led to job losses and the government stepped in to prop up household balance sheets. Based on lack of insolvencies. this strategy proved highly effective -- and for some households, the ability to experience financial flexibility was welcomed.
Fast forward to today. According to MNP Ltd., given the already shaky ground Canadians were standing on before COVID-19 crisis and the magnitude of the pandemic's economic impact, it won't be at all surprising to see insolvencies increase nationwide. At best, they believe, insolvency numbers will return to the pre-pandemic baseline as federal subsidies and stimulus dollars dry up.
Bottom line: creditors will come crawling back while consumers ignore the financial lessons and flexibility learned during the height of the pandemic. The reality is that many Canadians may very well return to their pre-pandemic levels of spending.
Before you capitulate and throw in the towel, here are a few tips if you are struggling with debt.
Shut the spending down today.
I've learned that people will change their spending habits once they know better or hurt enough.
Rates are headed higher, and you shouldn't be caught off guard. Now is the time to take control. You don't have to become a statistic.
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
English, history, entertainment, math and geography: high school trivia teams could be quizzed on any of it when they compete at the Reach for the Top Nationals in Ottawa in June.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.