Could you make it if your paycheque was late by a week?  What about two weeks?  What happens if your furnace breaks down or hot water heater springs a leak?  

Those questions are being asked this week as a Canadian Payroll Association report shows nearly half of Canadians are living paycheque to paycheque and cannot property save for retirement or emergencies because of their debt.

Aaron Ruston with Purposed Financial says a boost to interest rates this week, makes it worse.

"It could be very nasty." said Ruston. "People need to start taking care of their debt and that has to be a priority and securing their portfolios.  They have to make sure that their money is protected."

Ruston says new numbers show Canadians owe $1.69 in debt for every dollar they earn, making this a very scary situation for some.

"Get working on paying that debt down because it is becoming an anchor for so many people in Canada and Saskatchewan.