46% of Canadians $200 or less away from financial insolvency
Due to increased interest rates, many Canadians are struggling with paying their bills. People who have been increasing what they owe have been hurt by the Bank of Canada’s five rate hikes that began in 2017. Almost half of residents surveyed claim as little as 200 dollars stands between them and financial insolvency at the end of each month after paying their bills. Most worrisome, many of those surveyed believe they will not be able to keep up if rates increase again.
“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 according to a new poll.”