The latest MNP Debt Index was released on July 11 and around Canada people are tightening their spending. With one-third of Albertans reporting that they are cutting back on essentials like food, utilities and shelter, the report says almost seven in ten are struggling with rising interest rates.
Executive director of VCC Meaghon Reid discussed some of the tradeoffs people are making to stay afloat: "These are people having to make trade-offs between shelter, and that’s usually where people put their last dollars — just to keep a roof over their head, and then making a choice between food. We’re hearing from community, and this is across the country as well, people are skipping meals just to make that dollar go further. We’re hearing about seniors skipping days of medication because of the cost of medication. [Losing] a basic necessity, and their essentials, is really a frightening prospect in terms of how people are living and their quality of living. That means they’re not meeting the basic necessities of life on a day-to-day basis because we’re having to make trade-offs."
