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According to a recent Ipsos poll conducted by MNP LTD., a growing number of Quebec residents don’t earn enough to cover their bills and debt payments, with one third (33%) – a five percent increase since September – now mirroring that sentiment. Equally concerning, close to half of Quebecers (46%, +5%) are now within $200 from financial insolvency at month-end.
The result is that rather than paying down their debt, approximately half (46%) of households across the province expect to take on more over the next 12 months for basic living and family expenses. While fewer than two in five believe they could cope financially with an unexpected expense or life event.
Quebec residents are struggling with the increased cost to service their debt in a higher rate environment. With budgets stretched just to make ends meet, they have little room to address their underlying debt.
Even while the proportion who say they’re feeling the effects of interest rate increases (40%, -1%), worried about their current level of debt (34%, -8%) and the amount of debt they’ve taken on (35%, -5%) have all declined – more two in five (42%) remain concerned future rate hikes could negatively impact their financial situation.
More than half (52%, +4%) of Quebecers believe higher interest rates could hamper debt repayment efforts. Nearly half (45%) believe further increases will put them in financial jeopardy. And one third (33%, -1%) still fear rising interest rates could push them toward bankruptcy.
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
Frederic Lachance, CIRP, LIT, President, MNP Ltd., at 1.888.932.4115 or
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*310-DEBT doesn’t operate in MB, NW ON and QC.
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