Only 50 per cent of those surveyed said they felt comfortable about their personal economic outlook – compared to 61 per cent in 2021 – while 53 per cent indicated they had a lot of anxiety about their current level of personal debt.
"Credit card usage is reaching historic highs. This can be a slippery slope for some, as it doesn’t take long to find yourself burdened by debts, which may become challenging to pay back in this economic environment." Nearly 60 per cent said they were using coupons and looking for deals at the grocery store more so than they were a year ago, while 54 per cent were cutting back on grocery shopping altogether.
Historically low interest rates punished savers and encouraged people to spend. Now, highly indebted Canadians are feeling the wrath of higher interest rates. Hopefully not leaving balances on these cards that charge exorbitant rates. 😬
Now I know where inflation came from
I hate to sound like a curmudgeon but every year people spend too much during the holidays then complain about their debts. Although we need to keep the economy going, we don't have to spend ourselves into debilitating debt. We all have too much already.
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