MNP Debt Blog

With debt-to-disposable-income ratios higher than ever and non-mortgage consumer debt consistently above $20,000, it’s long been suspected Canadian consumer debt was unsustainable.

Despite increasing confidence in their current debt situations, a majority of Canadians remain concerned about how they would cope with a significant financial emergency.

According to a recent Ipsos poll conducted by MNP LTD., the increased cost of borrowing due to rising interest rates is causing many Albertans to re-evaluate their relationship with debt.

As Canadians are struggling with a weakened economy and a consistently increasing cost of living, it's no surprise to learn that many are relying on credit and (current) low interest rates to help keep up with monthly financial obligations and expenses....

Effects of the downturn are becoming clearer as it appears many Albertans relied on savings to offset reduced hours and job losses.

According to a recent Ipsos poll conducted by MNP LTD., Albertans are increasingly worried about their ability to repay their debts.

A combination of high – albeit leveling – debt, a manageable cost of living and low savings has Albertans feeling conflicted about their finances.

The Bank of Canada announced on Jan. 21 the interest rate had been cut by 0.25%. Although good news, MNP personal bankruptcy trustees caution Canadians about taking advantage of this decrease by taking on more debt.

According to a recent Ipsos poll conducted by MNP LTD., British Columbians are increasingly worried about their ability to repay their debts.