Half of Canadians just $200 from insolvency

Rising household debt is leaving millions of Canadians just $200 dollars from insolvency.

That’s according to a survey by insolvency consultants at MNP which says that rising house prices, credit card debt and auto loans are all playing their part in the risk to household’s solvency.

As reported by HuffPost Canada, 52 per cent of respondents say that they have a maximum of $200 at the end of each month for bills, 10 per cent have less than $100.

MNP’s findings also reveal that 49 per cent of respondents regret the debt they have and 48 per cent are concerned about their debt levels.

“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,” Lana Gilbertson, a Vancouver-based insolvency trustee with MNP told HuffPost Canada.

MBN

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