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MNP Consumer Debt Index Update: Canadians increasingly pessimistic about their consumer debt

Index drops five points since September matching the lowest point ever recorded


Nearly three in ten Canadians say they are already insolvent



Half say they are $200 or less away from being insolvent at month end, up 2 points since September



Almost half arena??t confident they will be able to cover their family and living expenses without going further into debt this year, up 2 points since September

CALGARY, Alberta, Jan. 20, 2020 (GLOBE NEWSWIRE) -- More Canadians see grey skies on the horizon for themselves and their families heading into the new year and beyond as fewer expect their debt situation to improve, according to the latest MNP Consumer Debt Index conducted quarterly by Ipsos. Canadiansa?? net confidence in their financial futures a year down the road dropped five points since September. When comparing their current debt situation to five years in the future, net confidence dropped six points.a??Our findings may point to a shift among some Canadians from debt apathy to debt hopelessness,a?? says Grant Bazian, President of MNP Ltd. a??Feelings of hopelessness can make people feel like giving up on ever paying down their debt or, worse, ignoring the debt as it piles up higher.a??Now in its eleventh wave, the MNP Consumer Debt Index has dropped five points since September (96 points, -5) matching the lowest point ever recorded back in March 2018. The drop is not only driven by increasing pessimism among Canadians about their financial futures. Canadians also feel worse off now compared to the past. In fact, net optimism for both one-year and five-year timeframes have reached all-time lows or near all-time lows. One in five Canadians now say their debt situation is worse than it was five years ago.a??It is stressful for those who come to the alarming realization that there is no clear path to repay what they have borrowed, no matter the time horizon or interest rate,a?? says Bazian whose team of Licensed Insolvency Trustees across the country helps thousands of Canadians each year who are struggling with an overwhelming amount of debt.
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