One third report that they don\u0027t make enough to cover their bills, the highest recorded proportion since the Index’s inception 5 years ago.
One third of that group reported not making enough to cover their bills, the highest recorded proportion since the Index’s inception five years ago.“Battered by inflation and higher interest rates, a record number of Canadians say they can’t pay their bills and debt obligations each month,” said Grant Bazian, president of MNP LTD., the country’s largest insolvency firm.
“The escalating burden of household bills and food prices has intensified Canadians’ financial anxiety and is further compounded by increased debt-servicing costs, particularly for those who are deeply indebted.” Satistics from the Government of Canada show that insolvencies have increased 7.9 per cent in Regina from last year.
MNP reported that more Canadians say they’re feeling the effects of interest rate increases, and are more concerned about their ability to pay their debts as interest rates rise. About 63 per cent say that if interest rates go up much further, they will be in financial trouble.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
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