More Than Half Of Canadians On The Brink Of Insolvency

Despite the fact that the Canadian economy continues to struggle, low interest rates have encouraged many Canadians to take on more debt. With that being said , a new poll conducted by Ipsos on behalf of MNP Ltd. shows that more than half of Canadians are living within $200 per month of not being able to pay all their bills or meet their debt obligations.

MNP Ltd.’s President, Grant Bazian suggests that the most alarming thing about the record consumer debt levels in Canada, is the lack of basic financial literacy skills to manage the debt. Without the budgeting skills to effectively manage increasing debt – thousands of households are at risk of finding themselves in a dangerous cycle of debt that can be incredible challenging to get out of.

Articles discussing the Ispos survey conducted on behalf of MNP regarding Canadian consumer debt were posted online with Global News, Boomer & Echo and Investment Executive.