Consumer debt index highlights impact of affordability crisis - CanadianInvestor CanadiansInvest
Over half of Canadians now say it is less affordable to feed themselves and their family, a five point increase since last quarter .
While fewer Canadians find themselves closer to insolvency than last quarter , meaning they are $200 away or less from not being able to meet all of their financial obligations, the average Canadian has less money overall to spend at month-end as they pay more for life’s necessities. The amount the average Canadian has left over at month-end continues to drop, decreasing $37 from the previous quarter to $654.
“This newfound optimism may be temporary, as the economic situation here in Canada is still unfolding. The effects of interest rate hikes tend to reveal themselves over time, so we may be seeing a false sense of optimism right now,” Bazian points out. “We have also generally seen higher levels of optimism during the summer, followed by Canadians becoming more pessimistic heading into the winter months.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rising cost of essential goods is greatest debt contributor for Canadians, survey finds - BNN BloombergRising inflation is weighing on many Canadians’ pocketbooks, with a new survey finding that the increasing cost of essential goods and services to be the biggest contributing factor to higher debt.
Read more »
A Dwindling Number of Canadians Can Afford the Essentials: SurveyAccording to this Affordability Index, more and more Canadians are struggling to make nearly all types of purchases. cdnpoli housingmarket realestate realestatenews affordability
Read more »
Pandemic savings erased amid 'perfect storm' of economic pressures: StatCanWhile many households felt the impact of the surging cost of living and higher borrowing rates, lower-income families and younger Canadians bore the brunt of it, worsening income inequality.
Read more »
Canadian consumer confidence drops to near-record lowsPoll finds half expect the economy will weaken over the next few months. Read on
Read more »
Nevada Sunrise updates Phase 2 drilling at Gemini Lithium Project, Nevada – Canadian InvestorNevada Sunrise updates Phase 2 drilling at Gemini Lithium Project, Nevada - CanadianInvestor CanadiansInvest
Read more »
Interac creates music soundtrack to help shoppers spend wiselySpotify playlist is intended for consumers to download, not retailers
Read more »