Anxiety levels rising as more British Columbians pay only minimum credit card balances
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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