MNP Consumer Debt Index Results May 2018

Canadians are more reliant on debt than ever and the outlook for paying it off any time soon appears bleak. This is the story told by a recent Ipsos poll conducted by MNP LTD., which indicates a majority of Canadians (58%) believe a significant earnings increase is the only way they’ll be able to escape their debt. With the average household estimating a 37 percent wage boost would be necessary to pay off their creditors, it appears a poorly performing economy and nearly a decade of record-low interest rates have taken their toll.

Details behind MNP’s Consumer Debt Index, along with our provincial and national news releases can be found below.

MNP Press Releases

• National: MNP Survey: Indebted Canadians say they would need to make almost 40 per cent more to live without consumer debt
• B.C.: MNP Survey: Half of British Columbians with consumer debt believe they would need a significant increase in income in order to live debt free
• Alberta: MNP Survey: Seven in ten Albertans with consumer debt say would need a significant increase in income in order to live debt free
• Saskatchewan: MNP Survey: Indebted Saskatchewan residents say they would need to make almost 40 per cent more to live without consumer debt
• Manitoba: MNP Survey: Indebted Manitoba residents say they would need to make almost 40 per cent more to live without consumer debt
• Ontario: MNP Survey: Indebted Ontarians say they would need to make almost 40 per cent more to live without consumer debt
• Atlantic: MNP Survey: Indebted Atlantic Canadians say they would need to make 40 per cent more to live without consumer debt, more than any other province