50 Of Canadians 200 Away From Broke

With the Bank of Canada holding interest rates at record lows, Canadians have felt confident utilizing credit freely, despite a struggling national economy. The question however is, do Canadians know how much this debt is costing them in the long run with interest rates and could they afford to carry that debt or even their households, if interest rates were to see a hike of just 1 or 2%? An Ipsos survey conducted on behalf of MNP showed that more than half of Canadians would find themselves on the verge of financial ruin if their monthly income were to be decreased by just $200. That $200 could come all too easily by way of a financial emergency such as vehicle or housing repairs or a sudden job loss. With so many living so close to the margin, creating a detailed budget will give you a clear idea into where exactly your money is going, exactly how much your debt is costing you and what other expenditures may be keeping you from spending more than you make.

An original interview with MNP’s David Gowling was posted with Global News on the John Oakley Show on Tuesday, May 9, 2017.