A new report on the level of household debt suggests more Canadians are taking on loans to pay for higher costs due to inflation.
Alberta homeowners are also leading the country when it comes to falling behind on mortgage payments due to the recent spike in inflation, the report states., a company that helps clients make sound financial decisions, found 24 per cent of Canadians considered the option of taking on more debt in order to cover their increased living expenses.
Its data shows Canadians were most likely to take out a loan to cover bills, followed closed by a need to consolidate debt. "Data shows that wages are not keeping pace with higher living costs and this puts middle-income earners–the bulk of Canadians–in a tough position. It forces many to start prioritizing their expenses and finding ways to make ends meet," said Finder's senior finance editor Romana King.
That data, collected as of May 31, still found Alberta had the highest number of mortgages in arrears ."It's easy to feel overwhelmed when inflation increases the cost of living," said King.
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