The Credit Counselling Society of B.C. has a word of caution for Christmas shoppers.
President Scott Hannah says shopping should be planned and on budget.
He adds the average British Columbian already has a non-mortgage debt of about $25,000.
“That’s lines of credit, credit cards, loans…which is a troubling amount because in the event that mortgage rates were to rise, many people would be unable to deal with that. So there’s a real need for people in British Columbia to really tackle their consumer debt now, so they’re able to manage higher mortgage rates in the future.”
Hannah says along with rising debt levels, savings levels are declining, and as a nation, Canadians are just not getting the job done in terms of saving enough for retirement or other financial goals.
The CCSBC has a number of tools and services they provide for people who may need help with their finances.