'Maxed out': 48% of Canadians on brink of insolvency, survey says

[OnlinePoker]

The number of Canadians who are $200 or less away from financial insolvency every month has climbed to 48 per cent, up from 46 per cent in the previous quarter, in a sign of deteriorating financial stability for many people in the country, according to a new poll.

The survey, conducted by Ipsos for insolvency firm MNP Ltd. and released Monday, also found that 35 per cent of Canadians say an interest rate increase would move them towards bankruptcy, while 54 per cent said they worry about their ability to repay debts.

“Canadians appear to be maxed out with no real plan for paying back what they have borrowed,” said MNP President Grant Bazian in a release. “This raises many alarming questions about how and if consumer debt will be repaid, particularly if conditions deteriorate or interest rates rise.”

https://www.bnnbloomberg.ca/maxed-out-48-of-canadians-within-200-of-insolvency-survey-says-1.1247336

[SWBTATTReg]

1. I did not know this...thanks for providing link / fyi on this situation on our friends to the ...

north.

[genxlib]

2. At least they don't have to worry about medical bills be the thing that tips them over the edge

[OnlinePoker]

3. It depends on if the treatment is local

If you have to travel (or your family does, say to the Children's Hospital in Vancouver) for treatment, those expenses come out of your pocket. Also, not all drugs are covered so we hear quite often about people not getting their prescriptions filled or only using a fraction of the required dosage.