MNP Consumer Debt Index

MNP Consumer Debt Index plunges to 79 points, the second-lowest level ever recorded

Canadians are feeling more pessimistic about their personal finances heading into 2025, despite declining interest rates. The latest MNP Consumer Debt Index has dropped to 79 points, a staggering 10-point decline from last quarter. This marks the second-lowest level recorded since the Index’s inception in 2017. Additionally, Canadians’ net personal debt rating has plunged to an all-time low, dropping 12 points from the previous quarter. The only other time Canadians’ net personal debt rating reached close to this low point occurred in December 2022.

“While interest rate cuts last year provided some initial relief from their financial concerns, Canadians are starting 2025 with a more pessimistic view of their finances,” says Grant Bazian, president of MNP LTD, the country’s largest insolvency firm. “Holiday bills are squeezing household budgets. Additionally, economic uncertainty, compounded by the U.S. election and concerns about tariffs, may be causing anxiety for Canadians.” 

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.

Press Release Results for January 2025

Press Releases

• National: MNP Consumer Debt Index plunges to 79 points, the second-lowest level ever recorded
• B.C.: Nearly half of British Columbians are starting 2025 just $200 or less away from financial insolvency
• Ontario: Escalating financial concerns in Ontario: Nearly three in five fear they can't repay debts despite interest rate cuts, worries over job loss and Bankruptcy increase
• Saskatchewan: Nearly a third of Saskatchewan and Manitoba residents are starting 2025 already insolvent, unable to pay their bills and debt obligations
• Alberta: Escalating financial concerns in Alberta: Nearly three in five fear they can't repay debts despite interest rate cuts, worries over job loss and Bankruptcy increase
• Nova Scotia: Nearly half of Nova Scotians are starting 2025 just $200 or less away from insolvency
• New Brunswick: Nearly half of New Brunswickers are starting 2025 just $200 or less away from insolvency
• Newfoundland: Nearly half of Newfoundland and Labradorians are starting 2025 just $200 or less away from insolvency
• Prince Edward Island: Nearly half of Prince Edward Islanders are starting 2025 just $200 or less away from insolvency
• Manitoba: Nearly a third of Manitoba and Saskatchewan residents are starting 2025 already insolvent, unable to pay their bills and debt obligations
• Quebec: Seven in 10 Quebecers urgently need interest rates to go down despite interest rate cuts, more than those in any other province

About MNP LTD

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 thirty-first wave, the Index has decreased to 79 points, down 10 points since last quarter to reach the second-lowest score recorded since its inception. Visit MNPdebt.ca/CDI to learn more. 

The data was compiled by Ipsos on behalf of MNP LTD between December 6 and December 17, 2024. For this survey, a sample of 2,003 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.