Survey Says More Than Half of Canadians Are $200 Away From Being Flat Broke

Survey Says More Than Half of Canadians Are $200 Away From Being Flat Broke

More than half of Canadians say they are just $200 away from financial insolvency at the end of each month, and nearly as many regret how much debt they’ve taken on, a new survey has found.

The survey, carried out by Ipsos for insolvency consultancy MNP, highlights the fallout from the debt binge Canadian consumers have gone on. Household debt reached an all-time high above 167 per cent of disposable income in the fourth quarter of 2016.

MNP places some of the blame for that on rising house prices, but data shows Canadians are taking on more credit card and car loan debt as well.

"There is an unquestioned attitude that living in debt is normal,” said Lana Gilbertson, a Vancouver-based insolvency trustee with MNP.

“Many are in denial, believing they can manage their growing debts. Others don’t know where to go for help or are afraid to address their debts head on.”

The survey found 49 per cent regret the amount of debt they have taken on over their lifetime, down one point from last fall’s survey.

Read more: http://www.huffingtonpost.ca/2017/05/09/consumer-debt-canada-mnp-sentiment-survey_n_16510320.html?ncid=tweetlnkcahpmg00000002

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