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Halifax, NS – As the nation awaits the Bank of Canada’s next announcement on interest rates, Atlantic Canadians’ appetite for cheap credit is being highlighted by a new Ipsos survey conducted on behalf of MNP Debt. Nearly three in ten Atlantic Canadians say that the current low interest-rate environment has caused them to take on more debt than they otherwise would have.
While some blame low interest rates for their borrowing binge, the survey revealed that one in three Atlantic Canadians will be comfortable increasing their debt load even more if interest rates go down. Seven in ten Atlantic Canadians say they will be more comfortable with their debt load if interest rates decrease.
Halifax-based Joe Wilkie, a Licensed Insolvency Trustee with MNP Debt, is stepping up his warnings to Atlantic Canadians about taking on more debt.
“Don’t borrow what is accessible. Only borrow what you know you can afford even when rates go up,” says Cramm.
Nearly thirty per cent of survey respondents say that their borrowing capacity has grown in the last year and within this group, one in three say that they are more free with their spending as a result.
“This care-free attitude toward borrowing and spending is worrisome. So many are living beyond their means and are already struggling with their debt,” says Wilkie. He’s urging Atlantic Canadians to start paying down debt now while interest rates are low. “It will get more expensive – and for some it will be unaffordable – when interest rates rise.”
Concern regarding an interest rate hike is highest in Atlantic Canada, where six in ten agree that if interest rates rise, they will be more concerned about their ability to repay their debts than they are now. Forty-six per cent say they are concerned that rising interest rates could move them towards bankruptcy.
Other key poll highlights include:
MNP LTD, a division of MNP LLP, is one of the largest personal insolvency practices in Canada. For more than 50 years, our experienced team of Licensed Insolvency Trustees and advisors have been working collaboratively with individuals to help them recover from times of financial distress and regain control of their finances. With more than 200 Canadian offices from coast-to-coast, MNP helps thousands of Canadians each year who are struggling with an overwhelming amount of debt. Visit
www.MNPdebt.ca to learn more.
These are some of the findings of an Ipsos poll conducted on behalf of MNP Debt between March 27 and March 30, 2017. For this survey, a sample of 1,500 Canadians from Ipsos' online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/ - 2.9 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error.
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