Consumer Debt Puts B.C. Households At Risk

2017-07-04   minute read

MNP Consumer Debt Index

As the national economy continues to waiver and the housing market continues to skyrocket throughout B.C., many residents in the province are left holding the (empty) bag as they struggle to from one debt payment to the next with an ever-increasing cost of living.

Night view of Vancouver port, downtown lighting up the streets and water

 MNP’s Lana Gilbertson and Judy Scott warn that many British Columbians, feeling confident in the stability of low interest rates, have racked up significant consumer debt – debt which may put the long-term financial health of thousands of households at risk should a sudden life change or an increase in interest rates come into play. In fact. A recent survey conducted by Ipsos on behalf of MNP showed that four out of ten British Colombians admit they would be on the verge of financial ruin if their monthly income was decreased by just $200. Given the today’s shaky economic climate, that $200 shift – could be right around the corner for many.

An original article discussing the Ipsos survey conducted on behalf of MNP was originally published online with the Calgary Herald on May 8, 2017.

Consultation icon