Some Canadians are feeling a little more optimistic about their debt with the prospect of interest rate cuts on the horizon, said MNP Ltd.
The insolvency firm's Consumer Debt Index metric showed a significant rebound in the first quarter of 2024 after 12 months of low scores, according to its latest report.
More than a quarter of Canadians say they perceive their current debt situation as better than a year ago.
Fewer Canadian households than last quarter, at 41 per cent, say they are concerned about their current level of debt.
鈥淭hings are not as bad as they were: that鈥檚 the main theme of the latest report,鈥 MNP president Grant Bazian said in the release.
But despite the uptick in consumer sentiment, Canadian households are still feeling the squeeze, he added, as more mortgage renewals loom and the cost of living continues to rise.
Half of respondents said they are concerned with what MNP calls a "social squeeze," meaning they're worried about spending money on their lifestyle or on social obligations.
鈥淥verwhelmed and discouraged by how expensive it is to attend or participate in social events 鈥 be it birthdays, weddings, graduations or family celebrations 鈥 some may be sinking further into hardship because they simply can鈥檛 afford to participate," said Bazian.
Fewer Canadians than before reported being concerned about their ability to repay their debts, but nearly half of respondents said they are $200 or less away from failing to meet all of their financial obligations, a number that didn't shift from the latest report.
The Bank of Canada looks set to start cutting its key interest rate this year as inflation has significantly moderated from its highs.
The central bank's steep rate-hiking campaign brought rates higher than they have been in years. As Canadians' mortgages have come up for renewal, they have faced significantly higher monthly payments on their homes, while rental costs have also climbed.
Four years after the start of the COVID-19 pandemic, a third of Canadians said they are in a worse financial state compared with before the pandemic, especially among people with lower incomes and those aged 35-54, MNP said.
This report by The Canadian Press was first published April 8, 2024.
Canada will sharply lower the number of immigrants it allows into the country for the first time in years, marking a notable shift in policy for the government as it tries to remain in power.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
A memorial is growing outside a Walmart in Halifax after a 19-year-old employee was found dead inside an oven in the store Saturday night.
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He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
McDonald鈥檚 worked Wednesday to reassure customers that its U.S. restaurants are safe as federal investigators tried to pinpoint the cause of a deadly E. coli outbreak linked to the fast-food giant's Quarter Pounder hamburgers.
Turkiye鈥檚 air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.
Abousfian Abdelrazik told a court Wednesday about the roller-coaster of emotions he experienced during the tense days of early 2009 when he awaited the green light to return to Canada from Sudan.
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The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
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Turkiye鈥檚 air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.
The Justice Department warned Elon Musk鈥檚 America PAC in recent days that his US$1 million sweepstakes to registered voters in swing states may violate federal law, people briefed on the matter told CNN.
Three people were found dead Wednesday and four others were hospitalized after an 'unexplained' incident at a care home in southern England, police said.
The U.S. said Wednesday that 3,000 North Korean troops have deployed to Russia and are training at several locations, calling the move very serious and warning that those forces will be 'fair game' if they go into combat in Ukraine.
A homemade firebomb exploded inside a public high school in Chile on Wednesday, igniting a blaze that injured at least 34 students and one teacher, with several in serious condition, firefighters said.
An Indiana man has been sentenced to life in prison for the 1975 killing of a 17-year-old girl who was found dead in a river after she failed to return home from her job at a church camp.
Canada will sharply lower the number of immigrants it allows into the country for the first time in years, marking a notable shift in policy for the government as it tries to remain in power.
Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
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A quick shake of the head after a hard hit could signal that a person has a concussion, a new study suggests, based on the experiences of young athletes.
A recall has been issued for certain clothing items sold at Giant Tiger stores over high levels of lead, according to a notice published by Health Canada Tuesday.
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Almost three years after the deadly Astroworld Festival tragedy, Houston rapper and concert headliner Travis Scott just settled hundreds of lawsuits related to the case.
American singer-songwriter Matthew Sweet suffered a stroke while on tour in Toronto earlier this month, and a GoFundMe campaign has been launched to raise money to cover the 'overwhelming' health-care costs.
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Starbucks Corp suspended its forecast through the next fiscal year as new CEO Brian Niccol looks to turn around the coffee giant struggling with falling demand for its pricey drinks.
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Air Transat says it is laying off as many as 400 flight attendants, but plans to bring them back to work at some point.
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The Radium Hot Springs in British Columbia's Kootenay National Park has undergone a $29-million makeover.
When curators at the National Toy Hall of Fame learned last fall that the Fisher-Price Corn Popper had been voted in as part of the class of 2023, they knew they had some serious work to do.
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Scottie Barnes and the Toronto Raptors kick off the new NBA season tonight as they host the Cleveland Cavaliers.
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He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
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Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.
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Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
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Vancouver Fire Rescue Services received its first shipment of new firefighting gear on Wednesday, advancing the department's plans to reduce cancer risk for its members.
A Real Canadian Superstore in B.C.'s Fraser Valley was evacuated Tuesday night due to a "suspicious" fire in the toilet paper aisle, according to authorities.
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The Saskatchewan Roughriders along with other Canadian Football League [CFL] clubs have announced their player nominations for the 2024 league awards.
Saskatchewan RCMP says it doesn't believe that a threat directed at Yorkton Regional High School is credible at this time.
Detective Robert Hofstetter examined Erb鈥檚 home after her death and came to several conclusions based on the blood stains he found there.
A psychologist who recently assessed Geovanny Villalba-Aleman believes he may have experienced a psychotic break before stabbing three people in a gender studies class at a University of Waterloo.
Things could be looking up for Waterloo, Ont.-based company and former tech darling Sandvine, after being removed from the U.S. Department of Commerce Entity List earlier this week.
Canada's discount airline is suspending operations to and from Saskatoon.
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Saskatoon Public Library workers are in a strike position following the rejection of a tentative agreement with the employer.
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The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
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OPP have confirmed that a transport truck driver crashed into a historic home just southeast of London this morning.
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Barrie police conducted a search on Wednesday of the last place Autumn Shaganash was seen in hopes of giving her family some answers to her mysterious disappearance.
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Windsor Fire and Rescue Services has been working to prepare for heightened HAZMAT risk ahead of relaxed restrictions around the transportation of some hazardous materials across the Ambassador Bridge.
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Now that production is set to begin at Windsor鈥檚 battery plant, NextStar is looking for some employees to make that production happen.
A man who fired at least 19 gunshots at an RCMP detachment in northern British Columbia, narrowly missing officers inside, has won a reduced prison sentence from the province's highest court, which ruled the sentencing judge failed to fully weigh the man's mental illness at the time.
An oil salvage operation is underway on the fragile wreckage of a U.S. army transport ship that sank almost 80 years ago off coastal British Columbia in a race to head off an eruption of thousands of litres of oil that a coast guard official says is "near imminent."
Green Party Leader Sonia Furstenau says the starting place to supporting whichever party comes to power in British Columbia is her party's platform.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
As part of anniversary celebrations, the City of Lethbridge is inviting the community to see VisitLethbridge.com Arena like they never have before.
A design plan is now underway to increase the capacity of Lethbridge's Water Treatment Plant.
Following community feedback, times for WestJet flights between Medicine Hat and Calgary are changing.
The lack of 24-hour public washrooms has been a long-standing issue in the Sault, especially considering the rise in homelessness.
The union representing the fire rangers with the Ministry of Natural Resources says money won鈥檛 fix the systemic problems in the workplace.
Rallies by a group called Voices Against Violence took place across the country on Monday, including Sault Ste. Marie.
Investigators found the remains of a 77-year-old American man on Wednesday at the scene of a fire that destroyed a hotel in western Newfoundland earlier on the weekend.
Police in western Newfoundland say a 77-year-old man visiting the province from Kansas is missing after a fire at a hotel in Deer Lake, N.L.
At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
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