Insolvency firm MNP reports 52% of Canadians are $200 or less away from being unable to pay bills due to rising interest rates and living costs.

The report says 35 per cent of those asked say they already don't make enough to cover their bills and debt payments, up from 30 per cent in April and a record high for the survey. It also says a record 48 per cent of those surveyed are concerned about their current level of debt.