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

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