The average person owes about $4,000 on their credit cards in BC

Surrey- A new report from TransUnion canada finds the average person owes about $4,000 on their credit cards in BC, that’s the highest levels in three years.

Jason Wang is one of the researchers and he says, overall, people are managing to pay down debt levels in BC and low interest rates are helping folks take control of what they owe.

However, he points out, people are not watching how much they’re spending and they’re relying too much on plastic. “Many consumers have the sense of security where they think they have a lot of equity built up in real estate, so they think they can go out and spend but a lot of this can change really quickly if there is an interest rate increase.”

He warns, as you’ve heard before, low interest rates won’t stick around forever. “If you just look at British Columbia, then definitely consumers are taking advantage of the low-rate environment and paying down a little bit.”