MNP Consumer Debt Index

Canadians’ concern about debt, ability to pay bills reach all-time high 

As interest rates move upwards and the cost of living remains a challenge for households, the proportion of Canadians who report being insolvent has reached an all-time high, according to the latest MNP Consumer Debt Index. More than half (52%) of Canadians report that they are $200 away or less from not being able to meet all their financial obligations, increasing six points since last quarter. This includes a third (35%, +5pts) who say they already don’t make enough to cover their bills and debt payments, making them insolvent, the highest recorded proportion since the Index began five years ago. Overall Canadians express a more negative attitude toward their personal finances and debt this quarter, with the Index declining significantly to 83 points (-6pts).

“Battered by inflation and higher interest rates, a record number of Canadians say they can’t pay their bills and debt obligations each month,” says Grant Bazian, President of MNP LTD, the country’s largest insolvency firm. “The escalating burden of household bills and food prices has intensified Canadians’ financial anxiety — and is further compounded by increased debt-servicing costs, particularly for those who are deeply indebted.”  

Consumer Debt Index

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 2023

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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-fifth wave, the Index has declined significantly to 83 points, down six points since last quarter. Visit MNPdebt.ca/CDI to learn more.

The data was compiled by Ipsos on behalf of MNP LTD between June 1 to June 6, 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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