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New survey results released today by MNP LTD finds that Canadians are concerned about the uncertainty of a potential housing bubble and impending interest rate hikes.
The results are in from MNP’s recent Debt Sentiment Survey. In short? Canadians are unsure about their financial futures and rising debt loads.
In today's economic climate, with employment on shaky ground and an ever-increasing cost-of-living, many households have turned to credit in times of need to get them through financial binds.
While credit can be helpful in a pinch, credit reliance can quickly become a dangerous cycle that's difficult to get out of when there's no longer a steady income coming into the household.
Given today's struggling economy, the fact that many households are grappling with the harsh realities of unemployment due to a stagnant energy sector and numerous other factors, an increase in interest rates, could push more than 30 per cent of respondents to the survey towards financial ruin.
Despite the fact that the Canadian economy continues to struggle, low interest rates have encouraged many Canadians to take on more debt.
With the Bank of Canada holding interest rates steady at 0.5 per cent, Canadians are on a credit spending binge despite a continued slump in the national economy.
The numbers are in – and Canadians are on a credit spending binge.
With the Bank of Canada holding interest rates at record lows, a new poll conducted by Ipsos on behalf of MNP Ltd. shows that 31 per cent of Canadians anticipate taking advantage of the rates by increasing debt and consumer spending.
*310-DEBT doesn’t operate in MB, NW ON and QC.
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