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

2025-09-04

Will Bankruptcy Erase All Of My Debt?

Mary Plahouras Rob Shier

Bankruptcy

The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.

Read More

2025-09-02

How to budget when you’re living paycheque to paycheque

Caryl Newbery-Mitchell

Lifestyle Debt Debt Solutions

You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.

Read More

2025-09-02

MNP’s Atlantic Canadian guide to affordable fun

Lifestyle Debt

Have fun on a budget with our guide to affordable activities in Atlantic Canada.

Read More

Consultation icon