RISING RATES TAKING TOLL: POLL
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.