An insolvency firm says British Columbians remain worried about worsening economic conditions and how they will manage their debts; however, a strong job market at this time has meant they are adjusting, despite less money in their pockets.
“There is growing concern over the potential for continued interest rate hikes in addition to the related increase in debt carrying costs and living expenses, as many household budgets are already stretched thin.” Th poll found the average amount of money that British Columbians say they have left over at the end of the month dropped this quarter to $681, down $166 from the previous quarter.
“For now, the number who report debt concern has declined. This could be a result of the strong job market. The uncomfortable truth is that as higher interest rates slow the economy, there will inevitably be some consequences like increased unemployment,” said Paul, who warned about using credit to get by.