Nearly two-thirds of Canadians say they “desperately” need interest rates to fall as the escalating cost of living and ongoing economic uncertainty drive some households toward increased debt or bankruptcy, a new report suggests.
Even if rates were to decline, 45 percent of people polled by Ipsos as part of the latest MNP Consumer Debt Index released July 14 said they would still be concerned about their ability to repay debt, while 41 percent say they are afraid an increase in interest rates would drive them toward insolvency.
“About 14 million Canadians remain close to financial insolvency, with little to no ability to absorb an unexpected expense or income disruption,” MNP president Grant Bazian said in a statement, noting that 42 percent of Canadians polled indicated they are $200 or less away from financial insolvency each month. …