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.