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New report suggests finances taking its toll on Atlantic Canadians

A report out today suggests in terms of debt and repayment, Atlantic Canadians are struggling more than other regions in the country.

The quarterly MNP Consumer Debt Index conducted by Ipsos measures attitudes towards consumer debt and gauges Canadians ability to pay bills, or absorb financial constraints.

The latest report reveals Atlantic Canadians are struggling with figures showing people in our region most likely in the country to be making minimum payments on their line of credit at 26 per cent.

That is up 12 pts from less than three years ago, according to the report.

People in the region were also most likely among Canada’s provinces to take from savings, home equity, or RSPs to pay down debt or daily expenses over the last year.

Another 52 per cent say they regret the amount of debt they’ve taken on over the past year.

It is all detrimental to our mental health according to the report, since three out of every five Atlantic Canadian says their financial situation either causes them anxiety or stress.

Two in five people in the region admit to hiding their credit card debt from friends and family, the highest rate in Canada.

Source: City News