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

Vehicle stolen from under eyes of Hope resident

Resident on Beacon Road left vehicle running and theives pounced

Rescuers bring four people to safety after boat overturns on Fraser River near Yale

Four fishers whose boat capsized drifted for 10 kilometres before coming to shore near Yale

Majority of residents who responded to survey support marijuana sales in Hope

647 responded to a District of Hope survey on the sale and use of recreational pot

Chilliwack’s Belle Voci to perform in Sardis in November

Enjoy a great night out and support the city’s a cappella group on Nov. 4 at 7 p.m.

Update: No fire found after Hope department receives call for tractor-trailer blaze on Coquihalla

Fire chief Tom DeSorcy said no fire found in the Othello Road and Highway 5 area where initially reported

B.C. sailor surprised by humpback whale playing under her boat

Jodi Klahm-Kozicki said the experience was ‘magical’ near Denman Island

Ovechkin has 4 points as Caps rough up Canucks 5-2

WATCH: Defending champs pick up impressive win in Vancouver

Vancouver mayoral hopefuly admits defeat, congratulates winner Kennedy Stewart

Ken Sim of the Non-Partisan Association apologized for the time it took to acknowledge Stewart won

Mental fitness questioned of man charged in Chilliwack River Valley shooting

Peter Kampos told his lawyer ‘his dreams are being stolen and turned into drugs’ at Surrey Pre-trial

Fraser Valley mom stuck in Africa over adoption delay

Kim and Clark Moran have been waiting four weeks to bring son home

B.C. government moves to tighten resource industry regulations

New superintendent will oversee engineers, biologists, foresters

Election watchdog seeks digitally savvy specialists to zero in on threats

Move follows troublesome evidence of online Russian interference in the 2016 U.S. election

Most Read