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Money Growing number of Canadians say they’re feeling the impact of higher interest rates

23:16  16 april  2018
23:16  16 april  2018 Source:   baystreet.ca

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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.

A growing number of Canadians are worried rising interest rates could impact their ability to repay their debts, according to a new poll. The quarterly MNP consumer debt index survey found 43 per cent of respondents said they are already feeling the effects of higher interest rates in Canada

A growing number of Canadians say that they are feeling the affects of higher interest rates, according to a new poll.

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Rising rates pinching more Canadians: poll

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Higher interest rates are putting the squeeze on 43 per cent of Canadians , a new poll says .File Photo. CALGARY — A new poll suggests a growing proportion of Canadians say they are feeling the effects of higher interest rates .

51% of respondents fear rising interest rates could impact their ability to pay debts. The Canadian Press · Posted: Apr 16, 2018 2:07 PM ET | Last Updated: April 16. A new poll suggests a growing proportion of Canadians say they are feeling the effects of higher interest rates .

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The quarterly MNP consumer debt index survey found that 43% of Canadians say they’re feeling the effects of higher interest rates, up five percentage points from just three months ago.

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

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