Credit counsellors say they\u0027re seeing an uptick of people with financial woes.
“We’re noticing people are more stressed about their money due to interest rate increases,” said Stacy Yanchuk Oleksy, CEO of Credit Counselling Canada.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
“We are noticing a significant increase in the number of people calling us for counselling. The rate hikes, combined with rising inflation, have made it much more difficult for many families to make ends meet,” Sellery said.Article content“Certainly, some people took on bigger mortgages than they are now able to afford. That is clear. At the same time, the cost of living has increased in almost every other area, and wages have not kept pace,” Sellery said.
Sellery added it boils down to cash flow and people need to increase their income and cut expenses to ensure they’re living within their means. The Bank of Canada says global inflation is high and measures of core inflation are moving up in most countries.
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