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.
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MNP Consumer Debt Index
Nearly half of Albertans (47%, +2 pts) report they are $200 or less away from financial insolvency each month — more than those in any other province — according to the latest MNP Consumer Debt Index.
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MNP Consumer Debt Index
Nearly two-thirds of Quebecers say they desperately need interest rates to go down (63%, -2 pts), according to the latest MNP Consumer Debt Index.
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MNP Consumer Debt Index
Younger adults and lower-income households are most likely to report stress, stalled life plans, and living paycheque to paycheque.
