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Half of Canadians continue to face insolvency, ‘debt hopelessness’

According to the latest MNP Consumer Debt Index published today, 50 percent of survey respondents answered that they were within $200 of being unable to pay their bills.

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Roberto Wakerell-Cruz Montreal QC
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Fifty percent of Canada’s population is on the verge of insolvency, a recent survey has found.

According to the latest MNP Consumer Debt Index published today, 50 percent of survey respondents answered that they were within $200 of being unable to pay their bills. Forty-nine percent of respondents also said that they didn’t have full confidence “in their ability to cover expenses without going deeper in debt.”

“Our findings may point to a shift among some Canadians from debt apathy to debt hopelessness. Feelings of hopelessness can make people feel like giving up on ever paying down their debt or, worse, ignoring the debt as it piles up higher,” said MNP President Grant Bazian.

Statistics Canada has previously released similar data which also paints a grim picture for Canadians. According to their most recent figures, the seasonally-adjusted credit market debt to disposable income ratio has continued to climb, now to 171.84—this would mean that for every dollar of disposable income, Canadians carry $1.72 of debt.

The Bank of Canada is set to release its next interest rate figure on Wednesday.

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