(Calgary) Canadians’ concerns about debt are mounting amid higher interest rates and persistent inflation, a new report says.
Bankruptcy firm MNP said its quarterly consumer debt index has fallen 15 points since its last survey to an all-time low of 77 points.
A lower score on the index indicates a greater fear of debt.
MNP President Grant Bazian pointed out that inflation is eating away at household budgets while financially weak and over-indebted Canadians face rising borrowing costs.
The report, based on online interviews conducted in December, says the percentage of Canadians worried about their debt rose seven percentage points to a record 47%.
As many as 64% of respondents said they would worry more about their ability to pay off debt if interest rates rose, while 59% believed they would face financial problems if interest rates continued to rise significantly.
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