The pressures of the cost of living have overtaken general financial mismanagement as the number one reason for credit debt in B.C.
According to the 2025 BC Consumer Debt Study (BCCDS), this is the first time in its annual report’s 13-year history.
The authors of the study say that 26.9 per cent of those surveyed reported going into debt because their income does not cover basic cost-of-living expenses.
In comparison, 25.4 per cent say that their overextended credit is due to overspending.
Debt helps service Sands & Associates, the sponsor of the study, says that higher living costs paired with inflation have fueled household debts for British Columbians.
The combination of both amounts to a cost-of-living…