NTV News interview where Sean Stack discusses a number of recent reports that indicate a slowing economy in Newfoundland and Labrador and that households in NL are starting to feel the effects.
Sean Stack interviewed on NTV by Heather GillisAbout bankruptcy and debt in Newfoundland and Labrador
Last week, Sean Stack Trustee in Bankruptcy in St. John’s NL with S.R. Stack & Company Ltd., was interviewed by Heather Gillis for the NTV Evening News.
You can find the video of the interview at the following link:
A number of different surveys and reports are discussed in the interview, I have links to them all below. In summary, as discussed in the interview with Heather Gillis, Newfoundlanders and Labradorians are finding themselves in a difficult place with very little room in their budgets for any suprises.
– Statistics Canada reported that Newfoundland and Labrador lost 1,200 full-time jobs in August 2015.
– The Canadian Payroll Association recently released a survey that indicates that 36% of Canadians feel overwhelmed by their debt and 48% are living paycheque to paycheque.
– The number of bankruptcy and proposal filings in NL increased 18% in the second quarter of 2015 compared to the second quarter of 2014. The increase was even more dramatic on the Avalon Peninsula at 26%.
– Statistics Canada reported that household debt levels in Canada have reached record levels with the debt-to-income ratio increasing to 164.6%.