Debt worries up as higher interest rates and rising cost of living take a toll: MNP
BNN Bloomberg
A report by insolvency firm MNP says 52 per cent of Canadians say they are $200 away or less from not being able to pay all of their bills at the end of the month as higher interest rates and a rising cost of living have stretched budgets.
The result for the July report is up six percentage points from 46 per cent in April.
MNP president Grant Bazian says the escalating burden of household bills and food prices has intensified Canadians' financial anxiety and is further compounded by increased debt-servicing costs, particularly for those who are deeply indebted.
MNP's consumer debt index fell to 83 points in its latest reading compared with 89 points in April as Canadians expressed a more negative attitude toward their personal finances and debt.
