A recent report from accounting service MNP shows that more than half of Atlantic Canadians, or 54 per cent, are concerned about their debt.
That’s the highest level among all provinces, according to the report, and marks a significant 10-point increase over the last quarter.
MNP’s latest consumer debt index, conducted by Ipsos and released last month, shows more than half of those asked are concerned about their ability to repay debt, even if rates were to drop.
It also shows a sharp drop in Atlantic Canadians who believe they can cover all living expenses in the next year without more debt, with those in this province the most concerned.
MNP trustee Greg Gosse says the level of debt that creates stress is all relative.
“For some people, $10,000 in debt is too much, some people have to get to $100,000 before they find it too much. You could have a very high income, but by the time you pay for your mortgage and two cars for a family, there’s nothing left over, or very little left over.”
