38 – Managing Debt in a Boom and Bust Economy with Ian Penney

Today’s guest is Ian Penney, President of Janes & Noseworthy in Newfoundland and Labrador. Recently, oil prices have declined, affecting the finances of those who work and/or live in a boom-bust economy. Alberta is a prime example of this type of economy, but the sting is also being felt in Newfoundland and Labrador. As lay-offs continue and people are forced to find alternatives, Ian has noticed that personal finances are taking a hard hit, and that as a result, people are turning to bankruptcies and consumer proposals to eliminate debt.

When oil prices were lucrative and the industry was booming, many Canadians joined the ranks to cash in; including a high volume of workers from the east coast. Oil companies would often fly workers home on their off days and set them up in a hotel or a camp while in Alberta - life was good.

But now that oil prices have fallen, how are workers coping? That’s the topic of discussion on today’s podcast, and Ian gives some practical advice for managing debt in a boom and bust economy.