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May 2, 2022 | Canadians Squeezed by Debt and Resumption of Collection Efforts

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel (www.venablepark.com) Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog: www.jugglingdynamite.com

The latest Ipsos survey for MNP demonstrates the extent to which some Canadians are being squeezed by rising rates and a resumption of debt collection efforts by CRA and other creditors.  MNP President Grant Bazian discussed the findings on BNN.  Here is a direct video link.

“…most definitely” some complacency among Canadians as emergency COVID-19 aid programs shielded households from the economic ravages of the pandemic. He added that the Canada Revenue Agency (CRA) wasn’t as aggressive for a period of time, and that banks didn’t “want to be seen as the bad guy.

”I like to say the glue that holds all this together was low interest rates. It’s (sic) been so low for so long a period that people are structuring their finances around those low interest rates.”

“So when the subsidies and the relief is coming to an end, and the grace periods by some of the lending institutions may be coming to an end, coupled with rising interest rates — I think that’s where you’re getting the nervous tendencies.”

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May 2nd, 2022

Posted In: Juggling Dynamite

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