51% of Canadians $200 away from not making ends meet: MNP
BNN Bloomberg
A new report from insolvency firm MNP LTD. says more Canadians are facing a deteriorating debt situation, as high costs and elevated interest rates make it harder to pay the bills.
The latest MNP Consumer Debt Index shows 51 per cent of Canadians are $200 or less away from not being able to complete their financial obligations, while the average amount of money left over after paying the bills has fallen to $674 this quarter.
“There is no mystery as to what is causing Canadians’ bleak debt outlook: it’s getting increasingly difficult to make ends meet,” Grant Bazian, president of MNP LTD, said in a news release.
“Facing a combination of rising debt carrying costs, living expenses and concern over the potential for continued interest rate and price hikes, many Canadians are stretched uncomfortably close to broke.”
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