B.C. households consumed by stress over debt and inflation

Spending is down and stress over debt levels is soaring in B.C. as inflation and rising interest rates take their toll on households’ wallets and peace of mind, according to several new surveys.

The surveys came out on what is traditionally known as Blue Monday, a day when many experience misgivings about post-holiday bills. Based on the results, you could describe this year’s mood as downright indigo.

A survey by insolvency firm MNP shows more than 60 per cent of British Columbians have become more concerned about their ability to pay their debts as interest rates increase. Nearly that many, 55 per cent, say they’ll be in financial trouble if rates rise much more, and nearly half report feelings of regret over how much debt they’ve taken on.

The level of confidence in making ends meet in the coming year plunged a record seven points in the last quarter. Barely more than half of survey respondents, 52 per cent, believe they’ll be able to get through 2023 without going further into debt.