As Canadians are struggling with a weakened economy and a consistently increasing cost of living, it's no surprise to learn that many are relying on credit and (current) low interest rates to help keep up with monthly financial obligations and expenses.
Credit can be a great solution for managing short-term necessities, but long-term credit dependency could lead to significant financial distress - especially if you're deep in the red when interest rates inevitably begin to rise.
The original article was posted online at Vancouver Sun on May 3, 2016.
CIRP, LIT
Senior Vice-President
Servicing: Abbotsford, Chilliwack, Maple Ridge, Surrey, Langley
2025-07-14
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.
2025-07-14
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.
