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Canadians who were sitting on the edge of their seats Wednesday got their prayers answered by Poloz when word went out that the Bank of Canada had abandoned its warning that future interest-rate hikes would likely be unavoidable, and held its benchmark overnight rate steady at 1.75%.

But it is bad out there, really bad.

As Bloomberg reported Monday, an Ipso survey commissioned by the insolvency firm, MNP Ltd., said the number of Canadians only $200 away from financial bankruptcy rose this year to 48%.

Not $2,000 away, which is bad enough, but $200 away.

The reason Poloz gave for holding the interest rate steady, and having half of the population sighing in relief, was slower than expected global growth as well as a sluggish housing and oil sectors in Canada that saw the economy with all its feet on the brakes over the last six months.

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When it comes to those who are $200 shy of insolvency, MNP president Grant Bazian stated that “Canadians appear to be maxed out with no real plan for paying back what they have borrowed.

“This raises many alarming questions about how and if consumer debt will be repaid, particularly if conditions deteriorate or interest rates rise.”

But it gets even scarier.

Despite the economic downturn—and there was nothing in Finance Minister Bill Morneau’s recent budget to turn on the “sunny ways” lamp and light the way to prosperity—Canadians continue to add to their already over-stressed debt load.

The MNP survey, in fact, had four out of 10 respondents stating they will be unable to cover off their living and family expenses over the next 12 months without taking on even more debt.