“A Disturbing Number”: 33% Of Canadians Fear Going Bankrupt

More evidence that the economy is failing.

While the federal government tries claiming the economy is doing ‘well,’ a new survey by Ipsos conducted for Meyers Norris Penny reveals a massive amount of Canadians worried about going bankrupt.

According to BNN Bloomberg, 33% of Canadians say they are worried about going bankrupt due to rising interest rates.

Additionally, “almost half of respondents (45 per cent) said they’re already feeling the effect of higher rates.”

Grant Bazian – the head of MNP – expressed concern about the numbers:

“It’s just common nature where people would think: ‘Interest rates are going up. I’m concerned,’ but 33 per cent seems to be a bit of a disturbing number for sure. With little decrease in household debt and the pace of rate hikes expected to accelerate, we will likely see a more immediate and significant effect on borrowers with rate increases in the future.” 

Bazian noted that many Canadians have concerns about paying their mortgage and car loans, while there are also big fears among young Canadians.

62% of young Canadians say they are “worried about paying their bills,” while 46% “are concerned about being pushed toward bankruptcy.”

Clearly, the Canadian economy is not doing well. While the government may try to push deceptive numbers to give a false impression of economic success, the reality on the ground – and the actual lived experiences of Canadians – is far different.

Something is going wrong.

Spencer Fernando

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judy

That’s what happens when you have someone in power that tries to bring in a socialist society. They make money ,, shorting our currency , making the economy fail in order for them to get richer.
Trudeau has a plan and its not to help make canada successful. He wants the country to fail .

Don Taylor

I am not surprised,his father caused hundreds of business and people to declare bankruptcy. J Turdeau the same as P Turdeau

shawn harris

Governments of all political stripes bear a large responsibility for the financial mess we are in. Especially those of the political left, like Trudeau and his Liberals. Simply because they have amassed extreme levels of debt with their heavy borrowing, never ending deficits, high taxes and enticing Canadians to live beyond their means through extended periods of low interests rates. All to save their political butts at our expense and claim to be protecting our economy. While actually forcing businesses to cut back on jobs and move production and investments out of Canada, all the while workers are starting to… Read more »

alan skelhorne

what would happen mr. fernando, if the whole country went bankrupt.there is way in reality, that the debt this mr. prissypants is putting on canadians, will ever get paid off. its the same in ontario, how is the province going to pay of the debt, left by mr. wynne.

Jacinte

We are talking about debt but the worst is there is no salary increase anywhere. Companies are offering less money for way more skills and experience. I see positions requiring university degrees paying less than it was paid 30 years ago. The exact same positions. Cost of everything has skyrocketed and Trudeau is planning more taxes. How more insane can this federal government be.

Gonzo the Magnificent

Like I said in a previous thought, but placing an addendum to that thought; Canada – and the world – are living with a false standard of living. The world has a MAJOR HUGE, DANGEROUS debt problem that will effect every one! It’s coming to a nation/province/ city/household near you!