One-third of Canadians say they cannot cover their bills and debt payments, while more than half state they are $200 or less away from being unable to cover their financial obligations, according to a new survey.
The latest results from the MNP Consumer Debt Index—gauging Canadians’ attitudes toward consumer debt and their ability to pay bills, cope with unexpected expenses, and adapt to interest rate fluctuations—were released on July 10 and indicate that Canadians’ concerns about debt and their ability to pay bills have reached unprecedented levels of concern.
“As interest rates move upwards and the cost of living remains a challenge for households, the proportion of Canadians who report being insolvent has reached an all-time high, according to the latest MNP Consumer Debt Index,” said MNP, Canada’s largest insolvency firm….