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

CP rail workers give strike notice

Employees could walk out as early as Tuesday at 7 p.m. PT

Rugby team bullish after tournament win

Elk Valley rugby union players have put in an admira-bull effort to… Continue reading

Some light at the end of the tunnel for driver examiner shortage

As Sparwood student readies petition, ICBC has two new examiners in training

Teens youngest members in Fernie SAR history

Desire to help drives Ben Nixon and Josh Goodison to volunteer

Bear sightings prompt call for community action

Elk Valley and South Country residents have been urged to take responsibility… Continue reading

Trans Mountain pipeline: How we got here

A look at the Kinder Morgan expansion, decades in the making

WestJet pilot strike averted as parties agree to mediation

Pilots had warned they could go on strike starting May 19

Out of control wildfire prompts restriction around Allie Lake

One of the first large wildfires of the 2018 season is blazing out of control

Giant beer tanks arrive in new B.C. home city

Molson Coors tanks finish river journey and move to overland trip in Chilliwack

VIDEO: Pipeline supporters rally across B.C.

Langley event one of five held in B.C.

VIDEO: B.C. woman praises burn fund after boat explosion in 1978

White Rock woman was 16 years old when she was left with second- and third-degree burns

B.C.’s Ryan Craig, Vegas Golden Knights chase history

Local product behind bench for expansion team’s incredible championship run

Most Read