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28% of Canadians fear bankruptcy ahead of Bank of Canada decision

28% of Canadians fear bankruptcy ahead of Bank of Canada decision

28% of Canadians fear bankruptcy ahead of Bank of Canada decision

Source: BNN Bloomberg

July 9, 2018

With a hotly-anticipated Bank of Canada rate decision looming on Wednesday, one of the country’s top bankruptcy firms is warning a “staggering” number of Canadians are on the brink of financial disaster.

Twenty-eight per cent of respondents to a new survey, which was conducted on behalf of MNP from June 15 to June 19, said another rate increase will propel them toward bankruptcy, while 42 per cent say if rates rise much more they’d fear for their financial well-being. While both readings were down modestly from the previous quarterly survey, that’s not lessening the alarm.

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