1 in 4 B.C. consumers unable to pay bills, debt repayment: poll

Since interest rates first rose in July, poll suggests households across B.C. have had to tighten budget

One in four British Columbians are expecting to fall further into debt this year because of the increasing pressure of rising interest rates, according to a recent poll.

More than 40 per cent of respondents said they are within $200 of not being able to meet their monthly financial obligations, according to results released Wednesday by Ipsos Research.

Meanwhile, people across the province say they are increasingly worried about their ability to repay their debts.

Since interest rates first rose in July, respondants said they have been forced to tighten their budgets as they struggle to keep up with expenses and manage other rising costs, with 25 per cent saying they are unable to cover their monthly bills and repayments alltogether.

On Wednesday, the Bank of Canada increased interest rates by one-quarter point to 1.25 per cent. According to the poll, this mixed with the amount of disposable income declining by 17 per cent since June has left one-in-three respondents concerned with how further increases will impact debt rates.

“This all indicates rising debt costs are ramping up the financial pressure across the province,” the release said.

“Many people took advantage of rock bottom interest rates for everything from houses and cars to everyday purchases while few put money away for emergencies. If things don’t change drastically, thousands of British Columbians could be on the verge of a significant crisis over the coming year ahead.”


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

‘Police are ready’ for legal pot, say Canadian chiefs

But Canadians won’t see major policing changes as pot becomes legal

VIDEO: This is what buying legal pot in B.C. looks like

Take a look inside B.C.’s first and only legal pot shop located in Kamloops

10 things still illegal in the new age of recreational cannabis

Pot is legal – but there are still a lot of rules, and breaking some could leave you in jail

CCRD Candidates detail their election platforms

More candidate profiles to come….

SD49 School Board Trustee Candidates outline their platforms

SD49 School Board Trustee Candidates will be participating in an All Candidates Forum tonight at NES

B.C. NDP retreats again on empty-home tax for urban areas

Rate reduced for all Canadians, dissident mayors to get annual meeting

Jets score 3 late goals to beat Canucks 4-1

Winnipeg ends three-game Vancouver win streak

Two B.C. cannabis dispensaries raided on legalization day

Port Alberni dispensaries ticketed for “unlawful sale” of cannabis

Canada not sending anyone to Saudi business summit

Sources insist Ottawa never intended to dispatch a delegation this time around

Earthquake early-warning sensors installed off coast of B.C.

The first-of-its kind warning sensors are developed by Ocean Networks Canada

VPD ordered to co-operate with B.C. police watchdog probe

According to the IIO, a court is ordering Vancouver police to co-operate with an investigation into a fatal shooting

B.C. woman looks to reduce stigma surrounding weed-smoking moms

Shannon Chiarenza, a Vancouver mom of two, started weedmama.ca to act as a guide for newcomers to legal cannabis, specifically mothers

B.C. teen gives away tickets to Ellen Degeneres show, plans O Canada welcome

The Grade 9 student wanted to give away tickets in the spirit of inclusivity

Most Read