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

‘Surrounding a community with a fire break won’t help’

RDCK offers fire danger assessments to homeowners

Caribou panel hears from critical public

About 250 people turned out Wednesday evening to give feedback on the provincial government’s caribou recovery plans.

Mungall to host CleanBC open house in Nelson

Michelle Mungall is hosting an open house on CleanBC at L.V. Rogers on Tuesday from 4:30 to 6 p.m.

LETTER: Garbage truck was in the shop

From Chris Gainham of the City of Nelson

LETTER: Bike lanes overdue

From reader Nancy Rosenblum

Dashcam captures close call between minivan, taxi at busy Vancouver intersection

To make the footage more nerve-wracking, a pedestrian can be seen standing at the corner

Deck collapses in Langley during celebration, 35 people injured

Emergency responders rushed to the Langley home

B.C. mom wages battle to get back four kids taken from her in Egypt

Sara Lessing of Mission has help from Abbotsford law firm

VIDEO: Fire guts Peachland home

Crews are still on scene pumping water onto the blaze in the Okanagan neighbourhood

$6K raised in one day’s time for family of woman gunned down in Penticton

GoFundMe launched for family of Darlene Knippelberg, to pay for funeral costs and other expenses

B.C. mountain biker sent home from hospital twice, despite broken vertebrae

Released in Maple Ridge to go home with three fractured vertebrae

Seven tips to travel safely this Easter long weekend

An average of three people are killed, and hundreds more injured, each Easter long weekend in B.C.

Seattle’s 4-20 ‘protestival’ enjoys tolerance, some support – and B.C. could do the same

Seattle’s Hempfest a large-scale occasions with vendors, prominent musical acts and thousands of attendees

Parents say Austrian climber missing in Banff National Park ‘lived his dream’

David Lama, Hansjorg Auer and American climber Jess Roskelley have been missing since Wednesday

Most Read