this post was submitted on 10 Jul 2023
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Insolvency firm MNP reports 52% of Canadians are $200 or less away from being unable to pay bills due to rising interest rates and living costs. (www.bnnbloomberg.ca)
submitted 2 years ago by mxwarp to c/canadianinvestor
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The report says 35 per cent of those asked say they already don't make enough to cover their bills and debt payments, up from 30 per cent in April and a record high for the survey. It also says a record 48 per cent of those surveyed are concerned about their current level of debt.

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[–] rms1990 3 points 2 years ago (1 children)

I don't understand. How are half of Canadians that close to not paying their bills yet my store is full of people buying tons of booze every day. I think this isn't the full picture

[–] villasv 2 points 2 years ago

It's possible that you're observing a big chunk of the other half?

[–] Seigest 2 points 2 years ago

I had to explain to my bank why I wanted a full liquidity option on my rrsp.

It's no longer there for me to spend on my retirement. it there so as a plan B for when the rent goes up again. Or when my job goes away again, or I need to fight another legal battle against a landlord demanding more then they are entitled to. Or my family needs another medical treatment that OHIP no longer covers.

Retirement is hoping we get somthing like thanatorium from soylent green and I can just check out when I'm too old or tired to work.

[–] gaydarless 2 points 2 years ago

Grim and unsurprising. My single largest non-rent expense is my grocery bill, which continues to increase with seemingly no prospect of stabilizing. I don't know how families with children are making it right now. I suspect a lot of folks are living on cards.