Time For Consumers In Atlantic Canada To Curb Spending

For many households in Atlantic Canada, credit reliance is becoming all too familiar. With low interest rates sitting at rock bottom prices, many feel comfortable depending on credit to accommodate their spending habits. It’s important to remember however, that credit dependency comes at a cost — and it’s one many households might not be in a position to pay. In fact, MNP’s recent Consumer Debt Sentiment Survey found 59 per cent of those polled in the region would be unable to pay their bills if their monthly income was decreased by just $200. With unemployment rolling through several Atlantic provinces and Canada’s economy still on shaky ground, that $200 shift is a little close to the edge of insolvency for many households.

MNP Ltd. Trustee Derek Cramm was interviewed by CTV Halifax to discuss MNP's Consumer Debt Sentiment Survey. The original article was originally posted online at CTV Halifax on October 28, 2016.