Concerns ahead of interest rate decision.
While the Trudeau government continues trying to spin people into thinking the economy is doing well, a new survey from bankruptcy firm MNP reveals the very disturbing financial reality facing millions of Canadians as an interest rate decision looms.
As noted by BNN Bloomberg, “Twenty-eight per cent of respondents to a new survey, which was conducted on behalf of MNP from June 15 to June 19, said another rate increase will propel them toward bankruptcy, while 42 per cent say if rates rise much more they’d fear for their financial well-being. While both readings were down modestly from the previous quarterly survey, that’s not lessening the alarm.”
BNN Bloomberg even referred to many Canadians as being on the “brink of financial disaster.”
MNP was clear about the risk, with their president Grant Bazian saying “When you look at the staggering number of people who are teetering on the edge, it’s clear that we are going to start seeing a rise in delinquencies as rates rise.”
And staggering is the right word for it. When you combine the 28% worried about falling into bankruptcy, combined with the 42% who say rate hikes would cause fear for financial well-being, that’s 70% of respondents with serious financial concerns.
As Bazian said, “Make no mistake about it, the level of household indebtedness in Canada is still very concerning. For those who are in debt and already struggling to make ends meet, slowly pumping the brakes on spending isn’t going to be enough at this point.”
While there are numerous factors that contributed to the financial worries facing many Canadians, something that can’t be overlooked is the rise in the size of government, and all the extra fees and taxes that take money out of the pockets of taxpayers.
People will do almost everything possible to at least maintain a consistent standard of living, and when the government takes more money away from the people it often becomes necessary to go into debt. Combined with wages that have been flat for a long time – due to globalist policies that favour multinational organizations over workers – and it’s no surprise that Canadians are finding life less and less affordable.