https://www.bnnbloomberg.ca/canadian...says-1.1338497
Quote:
Nearly half of Canadians are facing a debt trap, according to a new survey that thrusts highly-leveraged households into the spotlight ahead of an upcoming interest rate decision by the Bank of Canada.
Forty-seven per cent of respondents to a survey conducted on behalf of insolvency firm MNP said they don’t expect to be able to cover basic living expenses over the next year without taking on more debt.
A slightly greater proportion (48 per cent) of respondents said they have less than $200 remaining at the end of the month after covering living expenses and debt payments; that was up four percentage points compared to the previous survey in June.
On average, respondents to the survey said they had $557 left after paying their monthly bills and obligations, marking a decrease of $142 from June.
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If this keeps up for a couple more decades, it will be a real mess. I imagine the USA is even worse.
Capitalism is failing.