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Canada | Debt concerns are mounting

(Calgary) A new report indicates that Canadians’ concerns about debt are growing amid rising interest rates and persistent inflation.

The MNB bankruptcy firm said its quarterly index of consumer debt has fallen 15 points since its last survey, to an all-time low of 77.

A lower score on the index indicates greater debt anxiety.

Grant Bazian, president of the Moroccan National Movement Party, noted that inflation is draining household budgets, and at the same time, financially fragile and heavily indebted Canadians face high borrowing costs.

The report, which is based on online interviews conducted in December, says the percentage of Canadians concerned about their debt rose seven percentage points to a record 47%.

As many as 64% of respondents said they were more concerned about their ability to pay off debt as interest rates rise, while 59% expected they would face financial problems if interest rates rose further.

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