Money is tight for a lot of people these days, and that’s resulting in something known as “financial whiplash” for many.

According to the latest MNP Consumer Debt Index, 55 per cent of Atlantic Canadians are feeling financial instability, while nearly 75 per cent say rising prices for essentials like food and gas are straining their finances.

Tina Powell, a licensed insolvency trustee with MNP, says people have been feeling the strain “for a long time.”

She says cost of living pressures have “gone through the roof,” and now the uncertainty around fuel prices is compounding things.

Powell says 42 per cent of people say they are $200-or-less from meeting their financial obligations each month.

“That’s pretty serious,” says Powell, noting 85 per cent are cautious about taking on new debt while 71 per cent are cutting back on spending.