Canadian Numbers Show Insolvency Is Around The Corner For Many

The numbers are in and they’re telling a story that feels a little too close to home for Canadians. Given today’s struggling economy and unemployment hitting tens of thousands of households across the country, many consumers have found themselves relying on credit to help them from one financial obligation to the next. That debt however, comes at a cost some might not be prepared for. In fact, according to MNP’s Consumer Debt Sentiment Survey, 56 per cent of Canadians would be unable to pay their bills if their monthly income was decreased by just $200. While current interest rates are sitting at rock bottom prices to bolster consumer spending, a slight increase to those rates could be financially devastating to millions of Canadians. The MNP Consumer Debt Sentiment Survey was conducted by Ipsos Reid and covered by AM 730. The original article was originally posted online atAM 730 on September 28, 2016. ​​