According to a recent poll conducted by MNP LTD, over half of BC’s residents are concerned about how rising interest rates will affect their financial situation.
A statement from a Licensed Insolvency Trustee with MNP LTD said that residents who are financially vulnerable may not be able to cut back their budgets any further if interest rates continue to rise and make their debts even more unaffordable.
Even though the majority of British Columbians are being more conscious of their spending, six in ten people who took the survey said that they are already feeling the effects of rising interest rates.
The province of BC was also the only Canadian province to see an increase in interest rates last quarter.
This survey was conducted between September 6th to 13th of this year and saw 2,000 aged 18 and older Canadians interviewed.
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