British Columbians getting further into debt

PRINCE GEORGE – The latest MNP Consumer Debt Index raises red flags about British Columbians’ plans to borrow more to make ends meet. More than half are at least somewhat likely to borrow more before the end of this year, including three in ten who say they are inclined to spend using a credit card that already carries a balance.

‘Buy now, pay later’ options, which have boomed alongside the spike in online shopping and financial instability caused by the pandemic, will likely be the method of payment for one in five British Columbians this fall. It’s something Leah Drewcock, the Senior Vice President for MNP in Prince George.

“It’s too easy to hit ‘Yes. I will purchase this on credit and I’ll pay for later.’ And twelve months later, the product they purchased and needs repair. It’s worn out. You’ve been using it for a year and that’s when you have to start making payments and paying interest.”