REPORT: 33% Of Canadians Worried About Falling Into Bankruptcy

In just the last six months, the number of Canadians worried about bankruptcy has increased 5 percentage points.

A new survey shows a growing number of Canadians are worried that they could fall into bankruptcy, as interest rates increase.

As reported by BNN, “Thirty-three per cent of respondents to a survey conducted on behalf of MNP said they could be pushed toward bankruptcy due to rising rates – that’s up five percentage points over the last six months.”

The survey also shows that 51% are worried that higher interest rates will make it tougher to repay their debts, while 43% say the are already feeling the impact of the higher rates.

Additionally, 29% say “they have no financial breathing room after paying monthly bills.”

Grant Bazian – President of MNP – raised some serious concerns about the impact of rising rates:

“Nearly half of outstanding mortgages have interest rate renewals within a year so monthly mortgage payments are set to rise for a huge proportion of people. But a staggering percentage of Canadians say they already don’t have any wiggle room at all. Households currently showing signs of financial difficulty and living on credit are about to fall into a debt trap if interest rates continue to rise or if they face an unexpected expense.”

This rising concern about interest rates contrasts with the fake happy narrative the government has tried to push about the economy.

With one third of people worried about bankruptcy, and over half the country worried about repaying debts, it’s quite obvious that things are not going well for the Canadian economy. And on top of all that, the Trudeau government keeps raising taxes and imposing regulations that are destroying billions of dollars of investment – meaning fewer good paying jobs that could help people get out of debt.

Spencer Fernando

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Norbert Kausen
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Norbert Kausen

Canadians should have thought about that BEFORE putting themselves into such DEEP debt… VOLUNTARILY… with BOTH eyes wide open!!! They all buried their heads in the sand and ignored what could happen when they freely took on the debt, causing housing procs and the cost of living in Canada to spiral out of control, putting additional undue hardship on our “economy”! Canadians had been repeatedly warned, but the SCOFFED t the warnings… NOW it comes back to bit them. NO sympathy from me!!

Tommy Hawk
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And as long as ‘he’ and the Liberals are running the country, the only change will be for those numbers to increase. I have no idea how many Canadians lived through Pierre’s mess, but I can attest that it took many years and a lot of anxiety to recover from his money binge — and this clown is merely imitating him –actually, ‘imitating’ him is the wrong word. It should be more accurate to say that he was brainwashed from his first moment of understanding and is, without doubt, a perfect image of a “Manchurian Candidate,” which is his guiding… Read more »

bj stewart
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bj stewart

Banks do not lend money. The signature on the promissory note gives it currency and when it is deposited, the bank gives a cheque ( a negotiable instrument) An exchange only , no money was loaned. The alleged debtor is in fact the creditor or creator of the funds. Banking is fraud. Judges who take an oath to a foreign Queen thus foreign judges are complicit in the fraud. Reference revisions act of 1893 and repealing of Sec 2 of bna. Came into effect when Queen Victoria died in 1901. That is why we celebrate Victoria day.

Renée
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Renée

What this is now showing is just more evidence of decades of government greed, ineptitude and corruption. What used to be hope for the future is now being twisted and contorted into a sense of eternal despair and an overwhelming sense of hopeless for future generations to ever know true prosperity.