The numbers are in – and Canadians are on a credit spending binge. With the Bank of Canada holding interest rates steady at 0.5 per cent, Canadian consumers feel confident with increased spending despite the fact that the national economy continues to struggle and the cost of living continues to rise. In fact, a new poll conducted by Ipsos on behalf of MNP Ltd. shows one in three respondents admit they have taken on more debt due the cheap cost of credit with interest rates sitting so low. A question Canadian households should be asking themselves however, is how they would be impacted if interest rates started to rise? MNP Ltd.’s President, Grant Bazian warns an increase in interest rates, could push more than 30 per cent of respondents to the survey towards insolvency and potentially even bankruptcy. An original article discussing the Ispos survey conducted on behalf of MNP regarding Canadian consumer debt were posted online withYahoo News on April 11, 2017. 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.
2023-11-27
MNP Consumer Debt Index
A recent Ipsos poll conducted on behalf of MNP LTD reveals higher costs and interest rates appear to be causing an isolation phenomenon, with three in five Albertans saying they are staying home more often (59%) to save money.
2023-11-27
MNP Consumer Debt Index
A recent Ipsos poll conducted on behalf of MNP LTD reveals higher costs and interest rates appear to be causing an isolation phenomenon, with more than half of Atlantic Canadians saying they’re staying home more often (55%) to save money. Two in five say they’re spending less time socializing (44%) to cut spending.
2023-11-27
MNP Consumer Debt Index
A recent Ipsos poll conducted on behalf of MNP LTD reveals that higher costs and interest rates appear to be causing an isolation phenomenon, with half of British Columbians saying they’re staying home more often (50%) to save money.
