Spemmace _ ~ bankrupicies and the number of > =~people in financial trouble are Personal : “climbing ‘across the province but . =the situation lire is stable, says an official. -»€Tn the north country - Kitimat, Prince Rupert and Terrace - it’s "very important that people pay their: debts,’ said Harry At- -kinson, the director of the provin- _ ‘cial debtor assistance branch, "There's a: different moral ap- = proach:: In. large urban centres /. there is a great deal of anonymity. “You don’t:run into businessmen every’. day, Here there is that sense of community,” he added. “The result, contiriued Atkinson, i is that people here struggle to pay off - their « ~ bankruptcy asa last resort, debts and . choose ‘At the same time, Atkinson said ‘the economy in Terrace and Kitimat is stable comparcd to ’. other parts of the province, “Atkinson backed up his figures | by. indicating that his branch’s client list numbers only 50 in Ter- ~yace, Kitimat and Prince Rupert. wo “That? 8 not a great. number ac- “eording to the population,” he said: “Actos the province, the debtor assistance branch’s case load in- creased from 5,378 in 1990-91 to - 6,052 in'1991-92, It placed 748 people on an or- derly payment of debt schedule in 1990-91 compared to 916 in -1991- 92, vi That” San arrangement whereby a: person’s consumer debts are _ consolidated into one monthly TERRACE — Six consumer and’ three business bankruptcies * ~ Were ‘recorded here for the first ‘four months of this year, indicate oS statistics from the federal con- ‘sumer and corporate affairs de- , “partment. — umer and 103: ing bagikrapicies in Térricecain That's compared to 11 _con- at ila a i i ela Harry Atkinson payment to the debtor assistance - branch and then paid out equally. Alkinson’s not surprised at the ° increase of people in trouble given the state of the economy. “People get into trouble by changed circumstances - their cost of living increases or their . income goes down,”’ he said, . And some people either do nothing or use credit cards to sub- sidize their standard of living. Those choices do have un- fortunate consequences as time goes by, Atkinson continued, “Tt gets to the point where their debts are out of hand and’ they can’t service them anymore,” he said. 1 “The secret to life-is cash flow. If you owe more than you own or earn, then you're in trouble.” That’s why Atkinson people should record monthly in- come and expenses and keep track of assets and liabilities. That information can then be for ali of 1991. In 4990, five consumer and six business bankruptcies were Te- corded, Assets of the six consumer bankruptcies so far this year are listed at $45,150 compared to liabilities of $189,410, s ‘4741 Lakelse Avenue : s Saturday, July 4th, 19925 9:30 a.m. — 6:00 p.m. | Says. rw used to keep spending within in- come levels, he said. Atkinson’s been in the debt counselling business for 18 years. During that time he says people have become smarter in how they handle money. One indicator is the decline for the first time in 10 years of the . number of credit cards people have and the level of overall con- sumer debt. The latter now stands ‘at $100 billion in Canada, the equivalent to $3,700 for every person. It’s also a sign that the credit in- dustry is now more selective in who gets credit. OP Atkinson ‘is also comforted by the decline in interest. rates -but cautions that people who bank on. - a reduction in the cost of Borrow- ing money will face problems.. should the rates rise again. And although people may .be smarter. in how, they handle © money, the same problems of nat ._ keeping track of what goes outas. . opposed to what comes in can oc- _ cur, The debtor assistance’ branch’s . Burnaby office handles the north- west. The phone number i is 660- = 3550. Information and help “ranges from forms upon which to track expenses and income to counsell- ing to helping set up an orderly payment of debt schedule. . Copies of a booklet called ‘*Consumer Guide to Credit and Debt”? are available at the access centre on the corner.of Eby and Lazelle. Bankruptcies edge up liabilities of $105,795. The head of the provincial debt- or assistance branch here-on a — visit Jast week, said it was dif- ficult to say if the. business bankrupicy, figures. were com-— pletely accurate. “Businesses can just ccase to exist they can go away, But a person continues on,”’ said Harry VALUES GALORE | If you missed our... .& Garage Sale in June...you can’t afford | ~ to miss this one!! a NO EARLY BIRDS PLEASE. ee ~ rere er Fr SCHOOL | DISTRICT 88° CERACE): NOTICE ‘Atkinson, ‘the director’ of -the ‘stance, you have a ‘right to Summer Hours | School District 88 administration board. office wil be in- _ stituting summer hours, effective June 29, through - September 1, 1992 inclusive. at Yo U r Hours will be 8:00 a.m, to 4:00 p.m. . rating TERRACE — People can pet information on their credit rating at no charge, ’ The idea is to ensure that the information used by businesses and credit agencies is accurate | and up to daté, explains Harry — Having problems with your WCB claim? — You can get free, confidential advice, when a Workers’ Adviser visits Terrace on July 14. — To make an appointment for a personal interview, call the & Gavernment Agent's Office at 638-3200. — The interviews will be held at the B.C. Access: Centra, . 101-3220 Eby Street, Terrace. : — For advice without an‘interview, contact Workers’ ‘Advieer ag ' office in Richmond toll- free at 1-800- 663- 4261. proviacial government's debt-} or assistance branch. “If you've applied for credit and are turned: ‘down, for. in- know what people are > saying about you.”’ he said. - Legislation - is also being changed. so-' that . small businesses -can also look at their credit file, . Those who give credit and landlords can also investigate a person’s credit rating but must have a business reason for doing so, ~ Credit history is kept on file for six years. © | The phone number to obtain your crédit rating is 1-800- 565-5390. You'll be asked for your social. insurance number and a number of a. credit card to verify your identity. A copy of the information will be made available should you request it DIAMOND SOLITAIRES 1/2 carat. Reg. $2999.95 ONE GREAT REASON YOU SHOULD LOOK FOR A SIMMONS SLEEP SET IN YOUR MAILBOX! SAVINGS! 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