MNP Consumer Debt Index


Debt-burdened Canadians already feeling the pinch of higher interest rates

Index Tracking

According to a recent Ipsos poll conducted by MNP LTD., the increased cost of borrowing due to rising interest rates is causing many Canadians to re-evaluate their relationship with debt. Seven in 10 people who responded to the survey say higher interest rates will cause them to think twice about how they spend their money, while four in 10 admit they will be in financial trouble if rates go up much further. One in three say they’ve already felt the effects of increases that took place in July and September.

Compared to previous survey results, the average household now has $149 less at the end of the month after bill and debt payments than they did in June. With more than two in five (42%) households already within $200 of not being able to pay their bills, almost one third (28%) worry future increases could push them toward bankruptcy.

If this sounds like you or if you’re worried your debt may be spiraling out of control, MNP has created an easy to use tool to get a check-up on your debt health. Click below to access the MNP Debt Scale and get your free assessment today.

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Details behind MNP’s Consumer Debt Index, along with media coverage and our provincial and national news releases can be found below.

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Debt Index Results October 2017

MNP Press Releases


Press Highlights


National



British Columbia


Alberta


Saskatchewan


Manitoba


Ontario


Quebec


Atlantic Canada

Survey Results August 2017

MNP Press Releases

Press Highlights


National

British Columbia

Alberta

Nova Scotia

Ontario


Survey Results July 2017

MNP Press Releases

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Press Highlights


National

British Columbia

Alberta

Newfoundland

Nova Scotia

Ontario

Saskatchewan


Survey Results May 2017

MNP Press Releases


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Press Highlights


National

British Columbia

Alberta

Saskatchewan

Manitoba

Ontario

New Brunswick




Survey Results April 2017

MNP Press Releases


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Survey Results September 2016

 

About the MNP Consumer Debt Index

These are some of the findings of an Ipsos poll conducted between September 18 and September 21, 2017, on behalf of MNP Debt. For this survey, a sample of 2,005 Canadians aged 18+ 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 ±2.5 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. This represents the second wave of the MNP Consumer Debt Index.

 


 

About MNP Debt

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.

Grant Bazian is a Licenced Insolvency Trustees, President of MNP Ltd. To learn more about how MNP Debt can help you, contact Grant at 778.374.2108 or grant.bazian@mnp.ca


Our team of Licensed Insolvency Trustees will help you explore the debt relief options available to you and together we will find the solution that best fits your situation. Set up your FREE, no obligation consultation today.

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