The MNP Consumer Debt Index dropped to an all-time low in the last quarter of 2022, following a quarterly decline that the company is calling “unprecedented.”

The MNP Consumer Debt Index, a quarterly snapshot of consumer sentiment in Canada, fell 15 points to 77 in a new low for the index that speaks to Canadians’ mounting concerns about their personal finances.

Nearly half of Canadians are concerned about their current level of debt — a record high — amid rising interest rates, persistent inflation and heightened affordability worries, according to a report released by Canadian insolvency practice MNP Ltd.

Canadians’ anxiety over their debt situation has significantly intensified amid rising interest rates hikes, persistent inflation, and heightened affordability concerns, according to a new survey by MNP LTD.

A new report suggests Canadians’ worries about debt are rising amid higher interest rates and persistent inflation. Bankruptcy trustee firm MNP says its quarterly consumer debt index fell 15 points since its last survey to an all-time low of 77 points.