A local licenced insolvency trustee is encouraging people to spring clean their finances as a means to keep up-to-date on mounting debt and get rid of payments you don’t need.
Delinquencies are up dramatically across the country, and more so in this province as people suffer the strain of rising inflation and interest rates.
Host of Your Money on VOCM, Nancy Snedden of BDO says spring is a time when a lot of people declutter and clean up after a long winter.
She says many people are struggling and a lot are turning to credit to fill the gaps.
The latest Equifax Consumer Trends report shows that delinquencies—those are payments that are three months behind—are on the rise says Snedden. “It shows that non-mortgage delinquencies are also up, and here in Newfoundland, delinquencies have spiked by 15.25 per cent.”
She says with the rising cost of living, it’s a good time to give your finances the once-over.
“Especially when there is so much changing in regards to finances right now,” says Snedden, “so really looking at your budget on a regular basis and…figuring out…what do I need to do to get my finances in order?”