New poll suggests Canadians are more optimistic about their personal debt situations than they have been in three years
An online survey of more than 2,000 people for bankruptcy firm MNP Ltd. found its net personal debt rating hit 31 in May, the highest in three years. The personal debt rating measures the difference between the number of poll respondents who characterize their personal debt situation as "excellent" to those who characterize it as "terrible."
"The fact that many Canadians are more optimistic or even hopeful about their personal debt situation is likely a result of the pandemic relief measures," Grant Bazian, president of MNP's insolvency practice, said in a statement. "What's more is that many found it easier to spend less over the last few months since they were required to stay home."
Women, on average, had less money left over at the end of the month compared to men, the poll said. Residents of Alberta were more likely to report a large month-end surplus compared to Saskatchewan or Manitoba. "Even with marginal increases in groceries, utilities and online shopping, many households have reported significant savings which, in some cases, have made them feel more capable of keeping up with previously unsustainable debt payments."
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