MNP Debt

Seven in 10 Canadians (68%) say they’re already feeling the effects of interest rate increases, according to the latest Consumer Debt Index. With the BoC announcing another interest rate increase of 25 basis points today, that percentage could continue to climb through the next quarter.

Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%.

Financial stress affects Canadians of all income levels and ages, and nearly half of working Canadians admit that stress related to personal finance has had an impact on their job performance. But it doesn’t have to be that way.

Managing your mental and financial health in the new year Your mental and financial health are connected in ways that can have a significant impact on your life. Here are some ideas to help you manage both as the new year begins.

“Unfortunately, taking on more debt can have lasting financial impacts and push some into a debt spiral. These kinds of financial struggles often trigger stress and anxiety which can have a significant impact on mental health.”

49% of Canadians Now Regret The Amount of Debt They've Taken On: MNP The MNP Consumer Debt Index dropped to an all-time low in the last quarter of 2022, following an "unprecedented" quarterly decline.