Credit cards are displayed in Montreal, Wednesday, December 12, 2012. The latest Consumer Debt Index that shows 46 per cent of Canadians say they are $200 away from insolvency at the end of the month, up from 40 per cent in September. (Ryan Remiorz/The Canadian Press)

46% of Canadians $200 or less away from financial insolvency: poll

45% cent of those surveyed say they will need to go further into debt to pay their living and family expenses

A new poll says the number of Canadians who are $200 or less away from financial insolvency at month-end has jumped to 46 per cent, up from 40 per cent in the previous quarter, as interest rates rise.

A survey conducted for insolvency firm MNP Ltd. in December also found that 31 per cent of Canadians say they don’t make enough to cover their bills and debt payments, up seven per cent from the September poll.

The results released today also indicated that 51 per cent of respondents say they are feeling the pinch of interest rate increases, up from 45 per cent a quarter ago.

As well, 45 per cent of those surveyed say they will need to go further into debt to pay their living and family expenses.

MNP’s president Grant Bazian says many Canadians have so little wiggle room that any rise in living costs or interest payments can tip them over the edge.

READ MORE: Millennial Money: Don’t let Instagram envy get you into debt

READ MORE: British Columbians still getting deeper in debt

Ipsos, which conducts the quarterly poll for MNP, surveyed 2,154 Canadians online from Dec. 7 to Dec. 12.

The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

Inquest planned in death of Peter de Groot

It’s been five years since the Slocan man was shot by RCMP

South Okanagan-West Kootenay candidates talk climate change and environment at recent forum

Forum on Tuesday grilled candidates about plan to bring about low carbon emission economy

Celgar says equipment failure won’t affect production next week

The chip dumper collapse on Oct. 6 is still under investigation

Greater Trail at odds with BC Hockey

Greater Trail Bantam Rep players left without a league

Vaping harder to detect in Kootenay high school

Devices becoming more discrete, easier for students to disguise

Scheer, Trudeau, Singh haggle over potential minority government outcome

If you believe the polls, it appears the Liberals and Conservatives are neck-and-neck

Canucks beat Stanley Cup champs 4-3 in a shootout

Leivo nets winner, Vancouver dumps St. Louis for fourth straight win

‘The more you test, the more you find’: Beef recalls a sign of success, experts say

Despite appearances, experts say a recent rise in major recalls is not a sign of food supply problems

Two years later, City of Fernie remembers

Oct. 17, 2019 marks two years since the tragic ammonia leak at Fernie Memorial Arena

Japanese buyer expands wood pellet contract with B.C.’s Pinnacle

Mitsui and Co. increases contract with Interior energy producer

Cannings endorsed by David Suzuki

South Okanagan-West Kootenay NDP candidate loading up on endorsements

ELECTION 2019: Have Justin Trudeau’s Liberals really cut middle-class taxes?

Conservative Andrew Scheer vows to cut bottom bracket, NDP’s Jagmeet Singh targets wealth tax

B.C. RCMP officer suing the force for malicious prosecution

Cpl. Tammy Hollingsworth cleared of wrongdoing after misconduct hearing

Talk to your kids about vaping, B.C.’s top doctor says

B.C. health officials have discovered the first vaping-related illness in the province

Most Read