British Columbians are more anxious about their debt situations while an increasing number are slipping deeper into debt by paying only the minimum balance on their credit cards, according to a new MNP Consumer Debt Index report released this morning.
Inflation hit a 39-year peak of 8.1 per cent in June, and has since cooled to a still-high 6.8 per cent in November. Bank of Canada's policy interest rate has increased to 4.25 per cent, from 0.25 per cent in early 2022. COVID-19-related financial support, which was badly needed relief for some, is long gone.
“The shift we are seeing in British Columbians’ attitudes towards their personal debt is a reflection of the successive interest rate hikes and persistent inflation we saw in 2022,” said Linda Paul, a MNP Ltd. licensed insolvency trustee.
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