After years of inflation, high interest rates, and the rising cost of living, Canadians are feeling the financial pinch. According to Statistics Canada, the increase in the cost of living is leading to higher debt levels and impacting Canadian’s ability to save and build wealth. This is especially true for lower-income and younger age brackets. But what about New Brunswick (NB) household debt? Are NB residents feeling the same financial stress as other Canadians?This article reviews the current state of Canadian household debt and how it compares to household debt in NB.Canadian Household DebtA recent poll by Ipsos Reid found that nearly half (46%) of Canadians carry some form of non-mortgage-related debt. Of this 46%, almost half (48%) said they find the process of trying to pay off their debt stressful. Thirty-three percent of Canadians carrying non-mortgage debt admit that they question whether they have sufficient knowledge or skills to understand how fluctuating interest rates can...
