Millions of Canadians could default suggests survey

A new poll throws doubt on the view of many economists, and the BoC, that high levels of household debt are manageable. The Ipsos Reid poll, carried out between Jan 27 and 29 reveals that almost half of respondents are within $200 a month of being unable to meet bills and debt repayments. A quarter of those polled said they are already struggling to cover their outgoings.

Interest rates are a red flag for almost a third who said that if the Bank of Canada was to make any increase it could push them towards bankruptcy. The survey was undertaken on behalf of debt management organization MNP Debt and had 1,582 respondents.

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