Just $200 Could Throw 50% of Canadians into Financial Ruin

The numbers are in and Canadian consumer debt is adding up at an alarming rate. MNP’s Lana Gilbertson warns that a comfortable approach to debt has many in denial of their level of debt vs. income, only further encouraging a consumer spending splurge across the country. Pair soaring debt with a general lack of financial literacy throughout Canada and we’ve got ourselves a perfect storm.

A recent survey conducted by Ipsos on behalf of MNP confirmed that more than 50 per cent of Canadians would find themselves on the brink of insolvency if their financial situation were to decline by just $200 / month. Given today’s rocky economic climate and unemployment numbers in several provinces, $200 isn’t a very significant leap. As many households struggle from one debt payment to the next, the time to rein in spending – is now.

The Huffington Post published an original article discussing the Ipsos poll conducted on behalf of MNP online on May 9, 2017.

Lana Gilbertson is a Licensed Insolvency Trustee serving our Vancouver region. To learn more about how MNP Debt can help, contact our local office at 604.639.0001.