Half of Canadians are $200 or less away from not being able to pay their bills. Accounting firm MNP has been watching an “insolvency” metric a claim that it is up 8 per cent in Q4 2024 vs Q3 2024.
Why is this? Let me postulate.
- Acquiesce to desires of spouse despite financial condition.
- Absence of household budgets
- Excessive expense on:
- Alcohol
- Restaurants
- Travel
- Automobile
- Luxury items
- Spontaneity versus good planning.
- Too much house
- Interest and penalties on tax