When Does Consumer Debt Become A Consumer Crisis?

As unemployment continues to grip many Canadians largely due to struggling crude oil prices, it probably doesn’t come as a surprise to learn many have found themselves relying on credit to make it from one financial obligation to next. What you may not know however, is just how significant that credit reliance has become. In fact, over half of Canadians are concerned about their debt and are currently living within just $200 a month of not being able to pay their bills. That means millions of Canadians on the verge of financial distress, which is a potential crisis, we simply cannot afford.

These statistics are based on the MNP Consumer Debt Sentiment Survey, which was conducted by Ipsos Reid on behalf of MNP. This article by Yahoo!Finance was originally posted online at Yahoo!Finance on September 28, 2016.