A new survey about Canadian debt has found that over half of people are just $200 away from being broke.
MNP Ltd., a team of licensed insolvency trustees, found that 53% of respondents to their MNP Consumer Debt Index are on the verge of not being able to pay their bills each month.
The number of Canadians hovering near financial insolvency has reached a five year high. Visit… https://t.co/6EHY55q8Tm— MNP 310-DEBT (@MNP 310-DEBT) 1617898216.0
This is a 10% increase from the 43% who said they were at risk of not making ends meet in December 2020 and the highest number MNP Ltd. has recorded in five years.
"The anxiety Canadians are feeling about making ends meet — or already being unable to do so — tells us we may see an avalanche of households falling behind on payments or defaulting on loans, mortgages, car payments, or credit cards," MNP Ltd. president Grant Bazian said.
The survey also found that 25% of Canadians have taken on debt because of the pandemic.