The Number Of Canadians Going Broke Is Higher Than Ever - MTL Blog

The Number Of Canadians Going Broke Is Higher Than Ever

What's happening?

The new year has finally arrived! This is the time of year to look back on the last year and re-evaluate our choises, identify areas of our life that need some TLC, and finally turn a new leaf toward better habits. Of course, a big part of adopting "better habits" includes getting on top of managing our personal finances.

Those who've made this their personal New Years resolution may be met with some trouble in the coming year, as many essential goods, products, and basic expenses will be increasing in price in the coming year.

READ ALSO: A Record Number Of Americans Want To Flee The U.S. And Move To Canada

TL;DR A recent report released by the Financial Post confirms that interest rates are rising in Canada which is rendering many Canadians broke, ultimately, unable to meet basic financial obligations.

This is totally outside of our control. STM passes, property taxes, grocery items, Netflix accounts, hydro, and SAQ products will all be increases in price.

That said,  a recent report released by the Financial Post confirms that interest rates are rising in Canada which is rendering many Canadians broke, ultimately, unable to meet their basic financial obligations.

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The evidence is in the numbers. According to the report, the number of Canadians seeking debt relief  has jumped 5.1% to 11.3% in November from a year earlier.

Canadians looking to borrow money are going to be met with some financial obstacles, as The Bank of Canada has lifted its key lending rate five times since mid-2017. 

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Policy-makers will be meeting imminently to discuss the next move, and will be closely monitoring the impact of higher borrowing costs on the Canadian economy.

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