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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.
With the Bank of Canada holding interest rates steady at 0.5 per cent, Canadians continue to feel confidant in excess spending, relying on credit as the national economy continues to struggle and many households are grappling with depleted income.
As thousands of households across the country continue to grapple with a struggling national economy and (for many) the aftermath of Alberta's energy sector crisis, it's not surprising to hear that consumer debt is soaring.
As we await the Bank of Canada’s next announcement on interest rates, Canadians’ appetite for cheap credit is being highlighted by our latest survey.
After a lifetime of hard work, Canadians entering their 'golden years' deserve all of the freedom one would imagine retirement has to offer. Unfortunately, in today's economic climate, this is not always the case.
With the Canadian economy verging on financial crisis, it's no surprise to learn thousands of Canadian households are struggling to keep up with the cost of living, on top of trying to stretch income from one debt payment to the next.
*310-DEBT doesn’t operate in MB, NW ON and QC.
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