Most Canadians spend their next paycheque before it lands: survey
Although the Bank of Canada has held its key rate steady this year, only 21 percent of Canadians say they could absorb an extra $130 in monthly interest payments, while 35 percent say they could not, as per the index.
The share needing rates to fall rose one point to 62 percent, and 53 percent remain worried about financial trouble if rates climb.
“Stable interest rates may offer some predictability, but they don’t necessarily create relief when other financial pressures remain unpredictable,” according to Bazian.
Longer-range outlooks showed some improvement.
Three in 10 respondents expect their debt situation to improve over the next year, unchanged from last quarter, while 40 percent anticipate improvement over five years, up three points.
