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

Development, taxes and 222 Corfield discussed at Parksville all candidates meeting

All candidates met on Oct. 11 to answer the public’s questions before the Oct. 20 election

Inspiring Qualicum Beach teacher suddenly passes away

English teacher and counsellor Carol Myhre remembered as ‘source of joy’: superintendent

Qualicum district students to develop experiments that could head into space

Youngsters compete to have designs reach International Space Station

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

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

Qualicum Beach moves on grant for Eaglecrest roundabout

Council votes unanimously to have staff push for application

Rick Mercer says pot is ‘excruciatingly boring’

Comedian hopes Canadians will move onto something else once marijuana is legalized

Around the BCHL: Merritt, Chilliwack and Coquitlam early-season surprises

Around the BCHL is a look at what’s going on in the league and throughout the junior A world.

Federal government tables bill to transform prisoner segregation

Administrative and disciplinary segregation will be eliminated by Ottawa

CFL expecting little to no impact from legalization of marijuana in Canada

The league tests only for performance-enhancing substances and not recreational drugs like cannabis

BCTF wins grievance over teacher shortage in public schools

Arbitrator found Chilliwack school district did not hire enough on-call teachers or librarians

Workers at BC Interior mill strike as negotiations resume in Kelowna

Picket lines went up at 4 a.m Tuesday, Oct. 16 at Tolko Lakeview Division in Williams Lake

Fall-ing for unseasonably warm weather on Vancouver Island

Environment Canada forecast calls for sunshine through weekend

Toronto Police ID B.C. man as naked shark tank jumper

David Weaver, of Nelson, is wanted on mischief and assault charges

Most Read