A new report from insolvency firm MNP LTD. says more Canadians are facing a deteriorating debt situation, as high costs and elevated interest rates make it harder to pay the bills.
Reflecting on their current debt situation, more households rate their current situation as much worse than it was one (20%, +2 pts) and five years ago (25%, +3 pts) compared to the previous quarter (20%). Looking into the future, more believe their debt situation will worsen over the next year (18%, +3 pts) and five years from now (16%, +2 pts). Fewer also see any potential for improvement over the next five years (35%, -2 pts).
Emphasis mine.
This is just another self-reporting survey. I want to see actual data. When you cross average household debt with average household income, what does that look like?
Yeah, self-reporting sucks in most cases. It could be valuable in this case, for example, if the people self-reporting are actually money-smart and not just guessing.
Emphasis mine.
This is just another self-reporting survey. I want to see actual data. When you cross average household debt with average household income, what does that look like?
We don’t need anymore self-reporting studies.
Yeah, self-reporting sucks in most cases. It could be valuable in this case, for example, if the people self-reporting are actually money-smart and not just guessing.