A brand new report suggests Canadians’ worries about debt are rising amid greater rates of interest and protracted inflation.
Chapter trustee agency MNP says its quarterly client debt index has fallen 15 factors since its final survey to an all-time low of 77 factors.
A decrease rating on the index signifies greater anxiousness about debt.
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MNP President Grant Bazian says inflation is eroding family budgets and on the identical time financially fragile and surviving Canadians face sharply rising borrowing prices.
The report, based mostly on on-line interviews performed in December, says the proportion of Canadians fearful about their debt rose seven proportion factors to 47 per cent, a file excessive.
It says 64 p.c say that as rates of interest rise, they’re extra involved about their capacity to pay their money owed, whereas 59 p.c say if rates of interest rise way more, they are going to be in monetary hassle.
© 2023 The Canadian Press
