(Calgary) Canadians’ worries about debt are growing amid higher interest rates and persistent inflation, a new report suggests.
Insolvency firm MNP said its quarterly consumer debt index fell 15 points since its last survey, to an all-time low of 77 points.
A lower score on the index suggests greater anxiety about debt.
MNP President Grant Bazian pointed out that inflation is eating into household budgets and that, at the same time, financially fragile and over-indebted Canadians are facing soaring borrowing costs.
The report, which is based on online interviews conducted in December, says the percentage of Canadians concerned about their debt rose seven percentage points to a record 47%.
As many as 64% of respondents said they are more concerned about their ability to repay debt as interest rates rise, while 59% predicted they would face financial problems if interest rates were to rise further. increase markedly.