Consumer Debt And The Canadian Struggle

2016-10-20

Author: Grant Bazian

As Canadians grapple with a weakened economy, a sluggish loonie and in many provinces, increasing unemployment, many have turned to credit to get them through the day-to-day cost of living. While credit can be an incredible resource in a financial pinch, credit reliance can quickly get out of hand, sending consumers into a dangerous spiral of debt repayments that can seem impossible to get out of. In fact, more than 50 per cent of Canadians are within just $200 of being unable to pay their bills.

The MNP Consumer Debt Sentiment Survey research was conducted in September 2016 and the stats were released by MNP on MarketWired on September 28, 2016.

Latest Blog Posts

2025-06-19

Options to consider if you can’t pay back your student loans

Dean Prentice

With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies. 

Read More

2025-06-18

How to budget for inflation

John Athanasiou

The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.

Read More

2025-06-16

What are the pros and cons of a Consumer Proposal?

Joey Zanni

Bankruptcy Alternatives to Bankruptcy

Let’s review what a Consumer Proposal is, as well as the pros and cons of filing a Proposal, to help you determine if it’s the right solution for your unique situation.

Read More

Consultation icon