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More than half of Canadians are now within $200 of being unable to handle their monthly costs, a new debt survey shows.

In yet another indication of the mounting debt many Canadians are taking on, MNP Debt, part of the personal insolvency business of Calgary-based MNP LLP, said 56 per cent of those polled — up from 48 per cent surveyed six months ago — are close to facing negative cash flow should they take on up to another $200 in monthly debt.

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The online survey of of 1,502 Canadians conducted between Sept. 6 and Sept. 12 also found 31 per cent are already not paying their bills on time, making them technically insolvent, MNP says.

“I’m sure there are many households on the edge. It’s not new, but if you look at the debt-service ratios, they have been grinding up, too,” said Doug Porter, chief economist with Bank of Montreal, referring to the amount of money relative to income needed to cover principal and interest costs. “The concern is obviously if we did get a sustained increase in interest rates.”