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According to a recent Ipsos poll conducted by MNP LTD., a growing number of Ontarians are noticing the effects of recent interest rate increases. Jumping 10 points over the last quarter, nearly six in ten (55%) are feeling the pinch. Also increasing seven percent over the same period, nearly three in 10 (29%) now say they don’t earn enough to cover their bills and debt obligations.
Close to half of Ontario households (46%, +6%) are now within $200 of financial insolvency at month-end. And more than two in five (43%) don’t believe they will be able to afford all living and family expenses over the next 12 months without taking on more debt.
High household expenses and rising interest rates are making it difficult for Ontarians to service their debt – let alone reduce it. With budgets stretched to the limit, many face the prospect of taking on more regardless of whether they can realistically afford to.
Of all provinces, Ontarians are the most likely to be worried about their current debt burden (45%). Nearly half regret how much debt they’ve taken on (45%).
Subsequently, more than half (55%) worry how rising interest rates will affect their financial situation, while six in 10 (59%, +7%) worry that could impact their ability to repay debts. Half say continued increases could put them in financial jeopardy and more than two in five (44%) fear that could push them toward bankruptcy – a 10-point jump since September.
As the edge nears closer for many people, it’s important to be aware there are systems in place to help provide stability and peace of mind to severely indebted Canadians. Seeking help from a Licensed Insolvency Trustee is, in many cases, the best route to get the relief and financial fresh start they deserve.
Click here to view our digital infographic and learn more insights from this quarter’s MNP Consumer Debt Index.
About MNP Debt
MNP LTD, a division of MNP LLP, is the largest insolvency practice in Canada. For more than 50 years, our experienced team of Licensed Insolvency Trustees and advisors have been working with individuals to help them recover from times of financial distress and regain control of their finances. With more than 230 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 contact a Licensed Insolvency Trustee or get a free checkup for your debt health using the MNP Debt Scale.
About the MNP Consumer Debt Index
The MNP Consumer Debt Index measures Canadians’ attitudes toward their consumer debt and gauges their ability to pay their bills, endure unexpected expenses, follow a budget and absorb interest-rate fluctuations without approaching insolvency. Conducted by Ipsos and updated quarterly, the Index is an industry-leading barometer of financial pressure or relief among Canadians. Visit www.MNPdebt.ca/CDI to learn more.
The latest Index data was compiled by Ipsos on behalf of MNP LTD between December 7 and December 12. For this survey, a sample of 2,154 was interviewed online. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.4 percentage points, 19 times out of 20, had all Canadian 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.
To learn more about the survey and how MNP can help you manage your debt challenges, contact
David Gowling, CIRP, LIT, Senior Vice-President, MNP Ltd., at 905.639.3328 or
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