49% of Canadians Now Regret The Amount of Debt They've Taken On: MNP

dropped to an all-time low in the last quarter of 2022, following a quarterly decline that the company is calling “unprecedented.”

“The unprecedented quarterly decline underscores the anxiety Canadians feel about their debt situation amid rising interest rates, persistent inflation, and heightened affordability concerns,” says MNP.The latest data collected by Ipsos shows that 47% — a record high — of Canadian respondents are concerned about their current level of debt, while 49% regret the amount of debt they’ve taken on. Both those measures are up seven points from the quarter prior.

The data also reveals that 68% of Canadians are already feeling the effects of interest rate increases , with 26% saying their ability to absorb an interest rate increase of one percentage point has worsened . A sizable 64% say that as interest rates rise they are more concerned about their ability to pay their debts , and 59% say they will be in financial trouble if interest rates go up much more .

“Lower and some middle-income households typically spend nearly all their income each month, leaving very little wiggle room to accommodate an increase in expenses and debt carrying costs. These Canadians are struggling to maintain their standard of living, and often they resort to taking on more debt,” says Bazian.

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