It was just a matter of time according to the B.C. Credit Counselling Society.
The group’s President Scott Hannah not surprised by a new poll suggesting a growing number of Canadians are feeling the impact of higher interest rates.
“Regrettably, not enough Canadians are taking action to address their situation. This latest report is expecially concerning with 45% of households were expecting to take on more debt just to cover basic expenses and that is a recipe for disaster.”
This latest survey from business advisory company M.N.P. suggests that 43% of Canadians are feeling the impact of higher interest rates, which is up 5 points from three months ago.
The poll also found that 51% of those asked are concerned the cost of credit could affect their ability to repay debt.