Canadian Household Concerns With Possible Bank of Canada Interest Rate Increase

Many economists are expecting Bank of Canada Governor Stephen Poloz to announce the first interest rate rise of 2018 on Wednesday. 

A survey from insolvency firm MNP reveals that almost half of respondents are within $200 of being unable to meet their monthly financial obligations.

The report shows that a third of households are already unable to meet their monthly costs with a similar share concerned about their levels of debt, 38% regretting taking on so much debt, and 55% not expecting to have a debt-free retirement.

Four in ten Canadians are concerned that they would be in financial trouble if interest rates rise much more; a third could be facing insolvency.