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

Slide on Momma Bear run causes Polar Peak to close

One individual trapped in slide, rescued by CARDA

Fernie Skating Club performs annual show

On Saturday, February 18, the Fernie Skating Club braved the cold, and… Continue reading

Outstanding support for Blankman family

“There’s no shortage of support in this town if you need it,” said Maggie.

Ghostriders accelerating towards playoffs

Fernie’s first playoff game of the season is this Sunday, February 25 in Sparwood.

City of Cranbrook culls 50 urban deer

In an effort to reduce incidents of deer aggression across the community,… Continue reading

VIDEO: What you need to know today at the B.C. Games

B.C. Winter Games athletes work for gold in the last full day of competition

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Looking back at the 1979 B.C. Games: Good memories, even better jackets

39 years later, Kamloops is hosting the Winter Games again, with some volunteers returning

OLYMPICS 101: Oldest and youngest Canadian’s to reach the podium

This year, Canada sent its most athletes in Winter Games history, here’s a look at record breakers

Fly Fishing Film Fest coming to Fernie, March 1st

On March 1, the doors will open at The Vogue Theatre to… Continue reading

BCHL Today: Cowichan Caps play spoiler and Nanaimo wins 10th straight game

BCHL Today is a (near) daily look at what’s going on around the league and the junior A world.

Federal budget to unveil incentive for 5-week second parent leave: official

Goal behind the measure is to give parents more incentive to share child-rearing responsibilities

Notley says Alberta watching B.C. court bid closely, will get no free ride on it

Alberta Premier Rachel Notley ended the three-week ban on B.C. wine, calming the trade war

Trudeau ends troubled India trip in his comfort zone of hockey and youth

The players, 18-25, came to New Delhi from Ladakhi in northern India, as part of outreach program

Most Read