Canadians Consumer Debt Approaching Crisis

If we told you that many Canadians are struggling with overwhelming debt, would you be surprised? Given the sluggish economy, weakened loonie and increased unemployment, probably not. But if we told you that 56 per cent of Canadians were just $200 away from not being able to pay their debt, would that raise an eyebrow? What if we went one step further to do the math and found that statistic equals out to be 16,182,208* people across the country? Those numbers show millions of people heading into some dangerous territory when it comes to financial security.

The MNP Consumer Debt Sentiment Survey was conducted on behalf of MNP by Ipsos Reid. The original article speaking to the survey’s statistics was originally posted online at Financial Post on September 28, 2016.

* Calculated as 56% of the total adult population of Canada aged 18+ (about 28,896,800).