Many Ontarians are feeling blue when it comes to being in the red.
According to the latest MNP Consumer Debt Index, the most comprehensive survey on consumer debt in Canada, Ontarians are growing increasingly concerned about their ability to repay debts and have seen their household budgets tighten significantly since interest rates began to rise in July.
Thirty-two per cent of Ontarians now say that they are unable to cover their monthly bills and debt repayments, an increase of seven points since the September results.
Even those of us who are able to stay fully on top of things don’t have much left in their pocket at the end of the month.
Almost half of all Ontarians, 48 per cent, say they are within $200 of not being able to pay their bills and debt obligations and 41 per cent said that if interest rates go up much more, they are afraid they will be in financial trouble.
The Bank of Canada looks set to raise its benchmark interest rate this week after two increases last year.
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Originally posted on: http://www.durhamradionews.com/archives/107847
Published: 16 Jan, 2018 By