MNP Debt Blog

The numbers are in – and Canadians are on a credit spending binge.

As interest rates continue to sit at record-lows, Canadians have continued to spend, relying on credit when funds are in a pinch.

As Albertans struggle with mounting debt, many lack the financial literacy to integrate the changes they need to get on track – and even ahead of their debt.

Pair soaring debt with a general lack of financial literacy throughout Canada and we’ve got ourselves a perfect storm.

With the Bank of Canada holding interest rates at record lows, a new poll conducted by Ipsos on behalf of MNP Ltd. shows that 31 per cent of Canadians anticipate taking advantage of the rates by increasing debt and consumer spending.

The latest MNP Consumer Debt Sentiment Survey shows that a lack of financial literacy skills may be intensifying Ontarians’ consumer debt binge.

The latest MNP Consumer Debt Sentiment Survey shows that a lack of financial literacy skills may be intensifying Canadians’ consumer debt binge.

Nearly half (47 per cent) of all homeowners with a mortgage agree in that they’re concerned about their ability to make their mortgage payments when interest rates rise, according to a survey conducted by MNP Debt.

As the nation awaits the Bank of Canada’s (BOC) next announcement on interest rates, British Columbians’ debt anxieties are being highlighted by a new Ipsos survey conducted on behalf of MNP Debt.

​Despite the fact that the Canadian economy continues to struggle, low interest rates have encouraged many Canadians to take on more debt.