MNP Consumer Debt Index

MNP Consumer Debt Index drops six points, reflecting Canadians’ worsening debt outlook despite recent interest rate cut

The MNP Consumer Debt Index has dropped to 85 points, down six points from the previous quarter. This decline signals increasingly negative debt perceptions despite the recent interest rate cut by the Bank of Canada. More than half of Canadians express concern that interest rates may not fall quickly enough to provide the financial relief they need (56%). More than half say interest rates will need to drop much further before their financial situation significantly improves (57%) and two-thirds (66%) say they desperately need interest rates to go down. 

“Canadians may have hoped for a more significant cut to interest rates or to experience a quicker impact from the reduction. This leaves many individuals feeling disheartened,” says Grant Bazian, president of MNP LTD, the country’s largest insolvency firm. “With the prices of many daily necessities still high, many have not seen the meaningful decrease in their monthly expenses needed to ease their financial burdens." 

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 July 2024

Press Releases

• National: MNP Consumer Debt Index drops six points reflecting Canadians worsening debt outlook despite recent interest rate cut
• B.C.: Nearly three in five British Columbians say interest rates will need to drop much further before their financial situation significantly improves
• Ontario: More than half of Ontarians say interest rates will need to drop much further before their financial situation significantly improves
• Saskatchewan: Two-thirds of Saskatchewan and Manitoba residents say interest rates will need to drop much further before their financial situation significantly improves — more than any other province
• Alberta: Nearly half of Albertans are $200 or less away from failing to meet all their financial obligations, a significant 13-point increase since last quarter
• Nova Scotia: More than half of Nova Scotians say interest rates will need to drop much further before their financial situation significantly improves
• New Brunswick: More than half of New Brunswickers say interest rates will need to drop much further before their financial situation significantly improves
• Newfoundland: More than half of Newfoundland and Labradorians say interest rates will need to drop much further before their financial situation significantly improves
• Prince Edward Island: More than half of Prince Edward Islanders say interest rates will need to drop much further before their financial situation significantly improves
• Manitoba: Two-thirds of Manitoba and Saskatchewan residents say interest rates will need to drop much further before their financial situation significantly improves — more than any other province
• Quebec: Three in five Quebecers concerned interest rates may not fall quickly enough to provide the financial relief they need — more than any other province 

Download the MNP Consumer Debt Index infographic.

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 twenty-ninth wave, the MNP Consumer Debt Index has dropped to 85 points, down six points from the previous quarter MNPdebt.ca/CDI to learn more.

The data was compiled by Ipsos on behalf of MNP LTD between June 6 and June 11, 2024. 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.