Interest Rates Sending Canadians On Spending Sprees

​​The amount Canadians owe compared with how much they earn continues to be a great discrepancy. With the Bank of Canada holding interest rates steady at 0.5 per cent, Canadians continue to feel confidant in excess spending, relying on credit as the national economy continues to struggle and many households are grappling with depleted income. In fact, a new poll conducted by Ipsos on behalf of MNP Ltd. shows that nearly 30 per cent of respondents admit they have taken on more debt with fledgling interest rates.​ MNP Ltd.’s President, Grant Bazian warns that if we were to see an increase in interest rates, debt could become unmanageable with 30 per cent of respondents to the survey stating that rising rates could push them close to bankruptcy. Two original interviews withPattie Lovett-Reid discussing the Ispos survey conducted on behalf of MNP regarding Canadian consumer debt were posted online with BNN. ​ Grant Bazian, CIRP, LIT is President of MNP Ltd. based out of our Vancouver location. To learn more about how MNP Debt can help, contact our local office at 604.685.8408.