RIS­ING RATES TAK­ING TOLL: POLL

Ottawa Citizen - - FP -

A new poll sug­gests a grow­ing pro­por­tion of Cana­di­ans say they are feel­ing the ef­fects of higher in­ter­est rates. The quar­terly MNP con­sumer debt in­dex sur­vey says 43 per cent of Cana­di­ans are feel­ing the ef­fects of higher in­ter­est rates, up five per­cent­age points from three months ago. The poll for in­sol­vency firm MNP also said 51 per cent of re­spon­dents fear ris­ing in­ter­est rates could af­fect their abil­ity to re­pay their debts, while 33 per cent agreed that ris­ing rates could push them to bankruptcy. Forty-seven per cent said they do not be­lieve they’ll be able to cover all liv­ing and fam­ily ex­penses in the next 12 months with­out go­ing into fur­ther debt. The poll comes ahead of the Bank of Canada’s in­ter­est rate an­nounce­ment later this week. The BoC has raised its key rate tar­get three times since last sum­mer, moves that have prompted banks to raise their prime lend­ing rates.

THE CANA­DIAN PRESS

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.