Low Interest Rates And The Great Credit Splurge
As interest rates continue to sit at record-lows, Canadians have continued to spend, relying on credit when funds are in a pinch. In fact, a new poll conducted by Ipsos on behalf of MNP Debt shows that nearly 30 per cent of respondents admit they have taken on more debt with fledgling interest rates. As we prepare for the Bank of Canada’s upcoming announcement regarding the state of interest rates however, the question remains – what happens if we see a hike? MNP Debt’s President, Grant Bazian warns that if we were to see an increase in interest rates, debt could become unmanageable with 30 per cent of respondents to the survey stating that rising rates could push them close to bankruptcy. An original interview with Patty Lovett-Reid discussing the Ispos survey conducted on behalf of MNP was postedonline with BNN on April 11,2017. Grant Bazian, CIRP, LIT is President of MNP Ltd. based out of our Vancouver location. To learn more about how MNP Debt can help, contact our local office at 604.685.8408.
