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

Students lend hand decorating Ocean Park Community Orchard shed

Grade 1-2 classes from Ocean Cliff Elementary at South Surrey garden Friday.

LIVE VIDEO: Replica totem pole to be raised at Peace Arch Park

‘Reconciliation ceremony’ will include SFN leaders, provincial politicians

‘Quite a coup’ in rail-safety funding: South Surrey-White Rock MP

Relocation study not included in money for infrastructure improvements along waterfront train route

UPDATE: Police seeking witnesses to fatal Surrey hit-and-run

A pedestrian was killed Thursday night in a crash on Highway 10 near 152nd Street

Phase three of ‘King George Hub’ development moves forward

Coast Capital Savings headquarters next to King George SkyTrain was phase one of the project

VIDEO: Neighbours fear impact of B.C. tent city residents

Greater Victoria residents opposed to campers voice concerns at provincial campground

Browns beat streak, win first NFL game in 635 days

Baker Mayfield erased any doubts about why the Browns selected him with the No. 1 overall pick

New silver collector coin features Indigenous dancer

New silver collectors coin captures fast-paced energy of an Indigenous powwow

Off Nova Scotia, a bid to ‘unravel the mystery’ of great white sharks

The question: Is Nova Scotia the second mating site for Atlantic white sharks, something scientists say could be key to protecting the endangered species.

Man arrested after carjacking, collision, pepper spray attacks in Vancouver

Vancouver police say one man is in custody after a chaotic scene of events in the downtown core

Canadian investigator says World Anti-Doping Agency got a bad deal from Russia

A Canadian lawyer says the World Anti-Doping Agency rushed into accepting a bad deal by reinstating the country’s drug-testing program.

Fashion Fridays: Rock some animal print

Kim XO, lets you in on the latest fall fashion trends on Fashion Fridays on the Black Press Media Network

New evacuations ordered because of Florence flooding

Emergency managers on Friday ordered about 500 people to flee homes along the Lynches River

Most Read

l -->