A new report suggests Canadians are increasingly worried about debt amid high interest rates and persistent inflation.
Bankruptcy trustee firm MNP says its quarterly consumer debt index fell 15 points since the last survey to an all-time low of 77 points.
A lower score on the index indicates greater concern about debt.
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MNP President Grant Bazian says inflation is squeezing household budgets and at the same time, financially fragile and over-leveraged Canadians are facing rapidly rising borrowing costs.
The report, based on online interviews conducted in December, says the percentage of Canadians concerned about their debt rose seven percentage points to 47 per cent, a record high.
It added that 64 percent say that as interest rates rise, they are more concerned about their ability to pay off their loans, while 59 percent say that if interest rates rise further, So they will be in financial trouble.
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