Consumer debt blues brighten slightly
Still, many Canadians are worried about making ends meet.
The latest quarterly survey by insolvency trustee MNP suggests 54% of Canadians have growing concerns about their ability to repay their debts. The survey also suggests Canadians have a shrinking amount of money left at the end of the month. Once all the bills are paid the average Canadian has $557.00 to spare. That is down more than $140.00 from the last survey in June. Nearly half of the respondents say they have less than $200.00 left at the end of the month. Of that group, almost one-third say they do not make enough money to cover all of their obligations.
The MNP survey – which tries to track people’s attitudes about their finances – also indicates Canadians are little more upbeat about their situations. Nearly a third say their finances are better than they were a year ago, up by three points. And a similar number say things are better than they were five years ago, a two point increase.
For a growing portion of respondents the future looks even brighter. Nearly 40% believe their debt situation will improve over the next year, up by three points. Half believe things will get better over the next five years, also a three point jump.