A new survey paints a grim picture of Canadians’ personal finances.
Some respondents reported earning less than they spend, but even those who can cover the bills aren't far off from financial ruin.
According to the MNP poll, which surveyed 1500 Canadians this month, it's a growing problem for people living in Saskatchewan and Manitoba.
About a third of people who took the survey in the two provinces said they already don't make enough money to cover monthly bills and make debt payments – that number’s up 17 per cent from February.
64 per cent of respondents said they are staying afloat, but not by much – only $200 or less each month keeps them from slipping into the red.
"People are cutting it quite close,” said MNP Debt Licensed Insolvency Trustee Gord Neudorf. “$200 is not a lot of money."
Neudorf said low interest rates have fueled a spending spree of sorts.
Any increase in interest rates, or an emergency, could leave people who aren't careful financially crippled.
"A hot water tank going, breaking down in the house or an unexpected vehicle repair payment – something like that, could easily use up that $200,” said Neudorf.
Winnipeg resident Michael Tanasychuk sold his car just this week even though the vehicle was paid off.
Slashing insurance payments of $130 per month freed up money for other expenses.
"Wife and I just bought a new house so we've had a lot of expenses over the last few months,” said Tanasychuk. “So the extra hundred a thirty a month definitely goes a long way at this point, that's our hydro bill or extra groceries or whatever we need.”
59 per cent of people who responded to the survey in Manitoba and Saskatchewan said they regret the amount of debt they've racked up, but for many, changing spending habits can be easier said than done.
"Credit is too readily available,” said Sandra Fry with the Credit Counselling Society. “We longer have an emotional attachment to our money, so we just tap and go and we don't think about what did that cost us."
Fry said you should have between three and six months of income saved up for a rainy day.