(ZEROHEDGE) – 53% of Canadians are on the verge of insolvency and are $200 or less away from not being able to pay their monthly bills and obligations, while 25% took on more debt during the pandemic, according to a new survey by MNP.
The news comes as Canada's MNP consumer debt index hits a five-year high, and is a 10-point jump from a December survey, according to Bloomberg.
"The anxiety Canadians are feeling about making ends meet – or already unable to do so – tells us we may eventually see an avalanche of households falling behind on payments or defaulting on loans, mortgages, car payments or credit cards," said MNP president, Grant Bazian, in a Thursday report, which noted that government support programs which were meant to be temporary have alleviated the pain to some degree.
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