More Than Half Of Canadians In A Mortgage Balancing Act

Given the country’s weakened economy and devalued dollar, paired with significant unemployment rolling through some provinces – it’s suffice to say Canadians are struggling. Low interest rates however, have kept many spending, often relying on credit to accommodate their lifestyle choices. MNP’s recent Consumer Debt Sentiment Survey reveals however, that credit reliance might be putting many in the line of financial ruin. Survey results showed more than 50 per cent of Canadians with mortgages said they would be concerned about their ability to make mortgage payments should interest rates see a slight increase. With 50 per cent of homeowners living that close to the edge, it’s probably time for consumers across the country to take a serious look at their finances – and evaluate exactly how financially secure they really are. Doing a health check on your financial situation today, could save you your home in the not-so-distant future. The MNP Consumer Debt Sentiment Survey was conducted by Ipsos Reid on behalf of MNP. Pulse 107.7’s Kash Heed discussed the survey with MNP Ltd.'s Vancouver based Licenced Insolvency Trustee Lana Gilbertson. The original radio interview was posted online on October 17, 2016 atPulse107.7.​