Household debt has been identified as a key risk for the economy by the BoC, which is scheduled to make its next interest rate decision on Wednesday
CALGARY — More than half 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, a report by insolvency firm MNP Ltd. said, as higher interest rates and a rising cost of living have stretched budgets.
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. Sixty-nine per cent of those surveyed by MNP said they're feeling the effects of interest rates, and 66 per cent said they're worried about their ability to pay their debts as rates rise, with around three in five respondents expecting to be in financial trouble if rates go up much further.
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