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Vancouver, BC – As the nation awaits the Bank of Canada’s (BOC) next announcement on interest rates, British Columbians’ debt anxieties are being highlighted by a new Ipsos survey conducted on behalf of MNP Debt. Nearly forty per cent of British Columbians say they will be more concerned about their ability to pay their debts if interest rates increase.
The survey revealed that British Columbians are the least likely to feel more comfortable with their current debt load even if interest rates go down compared to other provinces in Canada. They are also the least likely to increase their debt load if interest rates go down.
“Many are beginning to realize they have taken on more debt than they can manage, even with low interest rates,” says Vancouver-based Lana Gilbertson, a Licensed Insolvency Trustee with MNP Debt. Gilbertson is growing increasingly concerned about the number of B.C. homeowners using their homes as ATMs, taking on more debt and reducing debt repayments.
Nearly thirty per cent of survey respondents say that their borrowing capacity has grown in the last year and within this group, thirty-six per cent say that they are more free with their spending as a result.
“This kind of care-free attitude toward borrowing and spending is irrational. The reality is that any sort of financial hiccup – like a job loss, divorce or decrease in home prices - may make it impossible for many to meet their debt repayment obligations,” says Gilbertson.
Financial insolvency is a real worry for some, with twenty per cent saying they are concerned that rising interest rates could move them towards bankruptcy.
Other key poll highlights include:
MNP Debt, a division of MNP LLP, is one of the largest personal insolvency practices in Canada. For more than 50 years, our experienced team of Licensed Insolvency Trustees and advisors have been working collaboratively with individuals to help them recover from times of financial distress and regain control of their finances. With more than 200 Canadian offices from coast-to-coast, MNP helps thousands of Canadians each year who are struggling with an overwhelming amount of debt. Visit www.MNPdebt.ca to learn more.
These are some of the findings of an Ipsos poll conducted on behalf of MNP Debt between March 27 and March 30, 2017. For this survey, a sample of 1,500 Canadians from Ipsos' online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/ - 2.9 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error.
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