If you’re consistently struggling to keep up with bills, there is a small consolation: at least you’re not alone.
A poll conducted by Ipsos Reid has found that almost half of Canadians are within $200 per month of being unable to pay for their bills and make their debt payments. A quarter of those surveyed, meanwhile, were already unable to account for these costs.
Particularly alarming is that almost a third of respondents fear even a minor shift in federal fiscal policy could send them rock bottom; 31 per cent said any increase in interest rates could move them towards bankruptcy.
The good news is that the Bank of Canada recently chose to keep the interest rate steady at 0.5 per cent and could even consider lowering it into the negatives.
The poll was conducted a week after the Parliamentary Budget Office issued a report revealing that Canada has seen the largest increase in household debt relative to income of any G7 country since 2000. And it’s not even close:
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