Low Interest Rates Spur Consumer Debt Increases
With the Bank of Canada holding interest rates at record lows, a new poll conducted by Ipsos on behalf of MNP Ltd. shows that 31 per cent of Canadians anticipate taking advantage of the rates by increasing debt and consumer spending. While credit can be an incredible tool for building one’s credit rating and pulling through financial struggles in a pinch, excess spending and credit reliance can all too quickly lead to a dangerous cycle of debt that’s difficult to get out of. MNP Ltd.’s President, Grant Bazian has reached out to warn consumers against credit splurges, given the fact that the Ipsos survey also revealed that an increase in interest rates, could put 30 per cent of respondents on the verge of insolvency or even bankruptcy. An original article discussing the Ipsos survey conducted on behalf of MNP regarding Canadian consumer debt was postedonline 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.
