Majority of Canadians Want Lower Interest Rates as Bankruptcy, Debt Fears Mount

Nearly two-thirds of Canadians say they “desperately” need interest rates to fall as the escalating cost of living and ongoing economic uncertainty drive some households toward increased debt or bankruptcy, a new report suggests.

Even if rates were to decline, 45 percent of people polled by Ipsos as part of the latest MNP

released July 14 said they would still be concerned about their ability to repay debt, while 41 percent say they are afraid an increase in interest rates would drive them toward insolvency.