Money Rising rates pinching more Canadians: poll

18:26  16 april  2018
18:26  16 april  2018 Source:   MSN

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TORONTO — One in three Canadians say that they are already feeling the effects of increasing interest rates , a new poll suggest. The survey done for insolvency firm MNP Ltd. also found that four in 10 of those queried say that if interest rates go up much more

Home News Research and Markets Canadians feeling pinch of rising interest rates . say that if interest rates rise any further they fear they will be in financial trouble, a new poll suggests. Keybase adopts Invesco’s advisorDUO platform. The mutual fund dealer will give more than 150 advisors

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CALGARY - A new poll suggests a growing proportion of Canadians say they are feeling the affects of higher interest rates.

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The return of rising interest rates is leaving Canadians anxious as they come to grips with the reality of historically high consumer debt. Borrowing costs are now centre stage for the many consumers who took advantage of Canada 's low interest rates these past few years.

More than a third of Canadians — 36 per cent — would rate his performance as poor or very poor. Another 36 per cent would mark it as average. Concerns about housing, rising interest rates , and income inequality may be to blame.

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The quarterly MNP consumer debt index survey says 43 per cent of Canadians say they're feeling the effects of higher interest rates, up five percentage points from three months ago.

The poll done for insolvency firm MNP also said 51 per cent of respondents fear rising interest rates could impact their ability to repay their debts, while 33 per cent agreed that rising interest rates could possibly push them towards bankruptcy.

Forty-seven per cent said they do not believe they'll be able to cover all living and family expenses in the next 12 months without going into further debt.

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While still low by historical standards, the rate that consumer banks use to determine what consumers will pay in interest for loans, mortgages and the like has now effectively doubled this year — and Canadians are already feeling the pinch . Almost half, 46 per cent, of respondents said they are more

Albertans are feeling the stress of debt because of higher interest rates more than people in any other province, a new poll suggests. 1 in 3 survey respondents feels the pinch of higher interest rates . Forty per cent of millennials express concerns that rising interest rates could move them towards bankruptcy Ipsos interviewed 2,005 Canadians aged 18 years and older in an online survey.

The poll comes ahead of the Bank of Canada's interest rate announcement later this week.

The central bank has raised its key interest rate target three times since last summer, moves that have prompted the big banks to raise their prime lending rates.

The latest MNP poll was done between March 12 and March 16 and included a sample of 2,001 Canadians that were interviewed online.

The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

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