MNP Debt Blog

As interest rates move upwards and the cost of living remains a challenge for households, the proportion of Canadians who report being insolvent has reached an all-time high, according to the latest MNP Consumer Debt Index.

Six in 10 (58%) are at least somewhat likely to borrow more before the end of this year, including nearly four in 10 (37%) who say they’re inclined to use a credit card that already carries a balance.

Canadians are becoming acutely aware of how interest rates and the cost of necessities impact their household budgets, as both measures continue on a months-long upward trajectory.

The impact of inflation and higher interest rates is leaving Quebecers feeling pessimistic about their current debt situation, according to the latest MNP Consumer Debt Index.

The quarterly poll conducted by Ipsos on behalf of MNP LTD, finds almost half of households (45%, +6) are not confident they’ll be able to cover all living and family expenses in the next 12 months without taking on more debt.

More than half (53%) say they are $200 or less from not being able to meet all of their bills and debt obligations each month, a whopping 10-point jump from December. This includes three in 10 (30%, +7pts) who report they are already insolvent with no...

The impact of inflation and higher interest rates is leaving Atlantic Canadians feeling pessimistic about their debt.

The impact of inflation and higher interest rates is leaving Atlantic Canadians feeling pessimistic about their debt.

The impact of inflation and higher interest rates is leaving Atlantic Canadians feeling pessimistic about their debt.

The impact of inflation and higher interest rates is leaving Manitoba and Saskatchewan residents feeling the most pessimistic about their debt situation compared to the other provinces, according to the latest MNP Consumer Debt Index.