Consumers Turning to Credit Cards and Payday Loans to Cover Costs of Living, with Debt-Stress Impacting Mental Health, Self-Esteem & More – 10th Annual BC Consumer Debt Study
Retrieved on:
Monday, January 16, 2023
VANCOUVER, British Columbia, Jan. 16, 2023 (GLOBE NEWSWIRE) -- BC Licensed Insolvency Trustees Sands & Associates released complete findings from their 2022 BC Consumer Debt Study today, marking the 10th annual study in this unique series that aims to highlight consumer debt problems and the financial challenges British Columbians face.
Key Points:
- Credit card debt a problem for nearly 3 in 5 individuals polled in the 2022 BC Consumer Debt Study, and worrying high-cost payday loan use is on the rise.
- Most troubling - almost 4 in 5 people said their mental health suffered being in debt.
- VANCOUVER, British Columbia, Jan. 16, 2023 (GLOBE NEWSWIRE) -- BC Licensed Insolvency Trustees Sands & Associates released complete findings from their 2022 BC Consumer Debt Study today, marking the 10th annual study in this unique series that aims to highlight consumer debt problems and the financial challenges British Columbians face.
- As high-cost credit dominated debt-loads, 2022 BC Consumer Debt Study also highlights troubling findings as to common causes of what ultimately became problem debt.