A new survey illustrates the grim financial state of many British Columbians in 2018.
According to new Ipsos survey, conducted on behalf of the MNP Consumer Debt Index, four in 10 B.C. residents say they’re $200 away from not being able to pay the bills.
The increasing pressure of rising interest rates are leaving British Columbians with significantly less disposable income and consumers need to make adjustments to avoid insolvency.
British Columbians’ have 17% less disposable income compared to just two years ago. Respondents said they were left with an average of $802 after paying off their bills and meeting their debt payments, which is 17% ($962) less than just six months ago.
The survey comes after reports have been swirling that the Bank of Canada could soon raise interest rates for the third time since July.
Ever wonder how the Bank of Canada makes its interest rate decisions? Learn about the process here. #cdnecon https://t.co/UQ0HwXWkUu pic.twitter.com/Udmhj5PLh1
— Bank of Canada (@bankofcanada) January 16, 2018
According to the survey, if interest rates go up further 36% of B.C. residents are afraid of financial trouble.
"What consumers really need to do is be clear about what they're spending their money on," said MNP's Lana Gilbertson in a press release.
"They really have to put pen to paper and keep track of their expenses over a three-month period at the very least."
Click here for the full results of the MNP Consumer Debt Index.
