Newspaper article The Canadian Press

Survey Finds 1/3 of Canadians Can't Pay Monthly Bills as Rates Set to Rise

Newspaper article The Canadian Press

Survey Finds 1/3 of Canadians Can't Pay Monthly Bills as Rates Set to Rise

Article excerpt

1/3 Canadians can't pay monthly bills: survey

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CALGARY - A new survey suggests a third of Canadians can't pay their monthly bills, including debt repayments, against a backdrop of rising interest rates.

The quarterly MNP consumer debt index survey finds the number of Canadians who can't cover their fixed monthly expenses is up eight points since September.

It also finds Canadians who are making ends meet have less disposable income, with an average $631 left after paying bills and contributing to debt repayment. That's 15 per cent less money left over than in the previous quarter.

The survey says Canadians worried more about their debt as the Bank of Canada raised its benchmark interest rate twice last year and is expected to continue the momentum in 2018.

Four-in-10 respondents say they fear financial trouble if interest rates rise much further and one-in-three agree they're concerned rising rates could move them toward bankruptcy. …

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