A report by insolvency firm MNP Ltd. says its consumer debt index improved slightly in its latest quarter as Canadians felt marginally better about their ability to pay their debt. Credit cards are displayed in Montreal, Wednesday, December 12, 2012. THE CANADIAN PRESS/Ryan Remiorz
CALGARY – A report by insolvency firm MNP Ltd. says its consumer debt index improved slightly in its latest quarter as Canadians felt marginally better about their ability to pay their debts.
The quarterly index rose to 86 points, up from 83 points in July.
However, the report noted that when asked to look into the future, Canadians’ debt outlook worsened.
The report says 18 per cent said they believe their debt situation will be worse a year from now, up from 15 per cent in the previous quarter. Looking five years out, 16 per cent said they believed their debt situation will be worse, up from 14 per cent.
Meanwhile, the report said 51 per cent of Canadians reported that they were $200 away or less from not being able to meet all their financial obligations, down from 52 per cent in the July report.
It also said 31 per cent of those questioned said they already don’t make enough to cover their bills and debt payments, down from 35 per cent in the previous report.
This report by The Canadian Press was first published Oct. 18, 2023.
