MNP Consumer Debt Index

MNP Consumer Debt Index dips to second-lowest level in last five years, Canadians’ current debt perception reaches all-time low

Canadians’ current debt perception has reached an all-time low as the latest MNP Consumer Debt Index drops to 83 points — a decrease of three points from the last quarter. This marks the second-lowest level in five years as the impact of inflation and higher interest rates leaves Canadians feeling pessimistic about their current debt situation. More this quarter perceive their current debt situation as much worse (22%, +2 pts) and fewer rated it better (22%, -2 pts) compared to a year ago. Looking back to five years ago, a rising proportion (28%, +3 pts) say their debt situation has worsened, and nearly three in 10 (27%, -1 pt) say it has improved.

“Spending on credit has served as a relief mechanism for many to keep up with increasing costs, especially for lower-income Canadians. We see from the data that the burden of repaying that debt is exacerbating the growing financial strain for many households, particularly amid higher interest rates,” says Grant Bazian, president of MNP LTD, the country’s largest insolvency firm. “Most things cost more and debt repayment costs more. That leaves more Canadians feeling pessimistic about paying off debts, making ends meet, and about their financial futures.”

January 2024 Debt Index Wave Chart

Details behind MNP’s Consumer Debt Index, along with media coverage and our provincial and national news releases can be found below. To view data from previous releases of the MNP Consumer Debt Index, visit our Historical Data page.

Debt Index Results for January 2024

Press Releases

Download the MNP Consumer Debt Index infographic.

Press Release Results for November 2023

Press Releases

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Browse through our previous MNP Consumer Debt Index results.



MNP LTD, a division of the national accounting firm 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 240 offices from coast to coast, MNP helps thousands of Canadians each year who are struggling with an overwhelming amount of debt. Visit MNPdebt.ca to contact a Licensed Insolvency Trustee or use our free Do-it-Yourself (DIY) debt assessment tools. For regular, bite-sized insights about debt and personal finances, subscribe to the MNP 3-Minute Debt Break Podcast.

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, 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.

Now in its twenty-seventh wave, the Index decreased to 83 points, down three points since last quarter. Visit MNPdebt.ca/CDI to learn more.

The data was compiled by Ipsos on behalf of MNP LTD between November 28 and December 4, 2023. For this survey, a sample of 2,000 Canadians aged 18 years and over was interviewed. 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.

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Caryl Newbery-Mitchell

MNP Consumer Debt Index

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