With interest rates sitting at the bottom or the barrel, many British Columbians have felt free to spend as they please, dipping further and further into credit reliance in order to keep up spending habits. Pair this relaxed approach to spending with a weakened economy and unemployment rates on the rise throughout the province and we’ve found ourselves the perfect storm.
In fact, MNP’s recent Consumer Debt Sentiment survey showed 47% of British Columbians would find themselves unable to keep up with debt or other financial obligations if their monthly income was decreased by just $200. When you look at the math, even the slightest increase in interest rates could send thousands across the province into financial ruin. If you want to avoid becoming a part of what appears to be a very significant statistic – the time to put a pause on spending – is now.
Castanet Kelowna recently covered MNP’s Consumer Debt Sentiment survey in an original article originally posted online at Castanet Kelowna on September 29, 2016.
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