35% of Canadians say rising interest rates could push them to bankruptcy - DailyHive

 

With the Bank of Canada’s interest rates set to rise this year, more than a third of Canadians are reporting that the impending hike could push them towards bankruptcy. New poll results released by bankruptcy advisory firm MNP LTD revealed that a staggering 35% of Canadians share this very concern. ...

Younger Canadians were much more likely to report potential bankruptcy concerns, with 49% of those aged 18-34 saying that increasing rates could move them towards bankruptcy. Among those aged 35-54, that number dropped slightly to 41%. ...

 Just over half of Canadians report concerns over their ability to repay their debts, and many are finding areas of their day-to-day lives have become less affordable over the past year including feeding themselves or their family, clothing and other household necessities, transportation, and housing. An overwhelming 81% of respondents said they will be more careful with how they spend their money with interest rates rising.

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