Canadians’ Financial Stress Ramping up Despite Interest Rate Cuts: MNP

A magnifying glass enlarges the holographic image of Parliament Hill's Peace Tower on a $20 bill issued by the Bank of Canada, shown in a display case at the Bank of Canada Museum in Ottawa, on Sept. 4, 2024. The Canadian Press/Justin Tang

Half of Canadians are $200 or less away from being unable to cover their monthly bills and debt payments, according to MNP Ltd.’s quarterly report on consumer debt.

“Despite interest rates decreasing, people are still concerned,” said Grant Bazian, president of insolvency firm MNP.