Credit cards are displayed in Montreal, Wednesday, December 12, 2012. The latest Consumer Debt Index that shows 46 per cent of Canadians say they are $200 away from insolvency at the end of the month, up from 40 per cent in September. (Ryan Remiorz/The Canadian Press)

46% of Canadians $200 or less away from financial insolvency: poll

45% cent of those surveyed say they will need to go further into debt to pay their living and family expenses

A new poll says the number of Canadians who are $200 or less away from financial insolvency at month-end has jumped to 46 per cent, up from 40 per cent in the previous quarter, as interest rates rise.

A survey conducted for insolvency firm MNP Ltd. in December also found that 31 per cent of Canadians say they don’t make enough to cover their bills and debt payments, up seven per cent from the September poll.

The results released today also indicated that 51 per cent of respondents say they are feeling the pinch of interest rate increases, up from 45 per cent a quarter ago.

As well, 45 per cent of those surveyed say they will need to go further into debt to pay their living and family expenses.

MNP’s president Grant Bazian says many Canadians have so little wiggle room that any rise in living costs or interest payments can tip them over the edge.

READ MORE: Millennial Money: Don’t let Instagram envy get you into debt

READ MORE: British Columbians still getting deeper in debt

Ipsos, which conducts the quarterly poll for MNP, surveyed 2,154 Canadians online from Dec. 7 to Dec. 12.

The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

Enderby begins community child care planning

Local Kara Wilhelms hired as project lead

Cherryville residents warned of road closure

Sugar Lake Road bridge closures planned

CDART trains North Okanagan volunteers

Regional group looking to form to help animals in cases of emergencies and disasters

Mix of sun and cloud for the Okanagan-Similkameen Shuswap

Chance of showers for much of the region this afternoon

PHOTOS: Vernon’s Summer Music Festival a hit at Caetani Centre

Acts from Argentina to Vernon gathered in the back yard of the Pleasant Valley home Saturday

When walls talk: Vernon murals see generation II

“This new movement, an app, will bring the strength of some of those same Vernon visionaries together again into a newdigital form”

Food fight: Liberals, Tories trade shots as pre-campaign battles intensify

Health Canada released an overhauled document that did away with traditional food groups and portion sizes

VIDEO: Bystander training gains traction as tool to prevent sexual harassment, violence

Julia Gartley was sexually assaulted after an event, and no one stepped in to help

Shuswap air cadet contests Department of National Defence gender policy

Haircut inspires challenge of regulation around male/female identity

Update: Coroner investigating after body recovered from Okanagan Lake

Penticton fire department assisted the RCMP with the recovery of a body Saturday

Two brands of ice cream sandwiches recalled due to presence of metal

The Canadian Food Inspection Agency issued a recall on Iceberg and Originale Augustin brands

Sexual assaults, extortion on the rise even as crime rates stay low: Stats Canada

Rates of police-reported sexual assault rose for the fourth year in a row

Donkeys await your hugs and scritches at anniversary event

Turtle Valley Donkey Refuge invites public to help celebrate 20 years of care.

Most Read