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

Terrace Minor Softball closes season with wins

Teams with be competing in nationals in Saskatoon

Bicyclist crashes into car

Police briefs July 12-14

Malicious Monster Truck Tour returns to Northwest

Crowds gathered at the airport for show

Terrace SAR rescues shopping carts in Skeena River

Many have yet to be retrieved due to high water level

VIDEO: B.C. MLA Michelle Stilwell takes first steps in nearly 30 years

‘It actually felt like walking. It’s been 27 years… but it felt realistic to me’

Report of dead body in B.C. park actually headless sex doll

This discovery, made at Manning Park on July 10, led police to uncovering two other sex mannequins

Grand Forks fire chief found to have bullied, harassed volunteer firefighter: report

WorkSafeBC, third-party human resources investigation looking into allegations complete

Dog recovering after being drenched in hot coffee, B.C. man charged

Man was taken into custody, charged, and released pending a court date

Taekwondo instructor, 21, identified as B.C. bat rabies victim

Nick Major, 21, an instructor at Cascadia Martial Arts in Parksville

Science expedition to Canada’s largest underwater volcano departs Vancouver Island

Crews prepared for a two-week research mission to the Explorer Seamount

B.C. shipyard to get one-third of $1.5 billion frigate-repair contract

The federal government has promised to invest $7.5 billion to maintain the 12 frigates

Worried about bats? Here’s what to do if you come across one in B.C.

Bat expert with the BC Community Bat Program urges caution around the small creatures

B.C. on right road with tougher ride-hailing driver rules, says expert

The provincial government is holding firm that ride-hailing drivers have a Class 4 licence

Most Read