For the Credit Counselling Society–the last year has been very busy.
“Looking at activities this January to last January, the number of people reaching out to us is up over 100 per cent,” said Scott Hannah, president & CEO of Credit Counselling Society. “We’ve had to hire additional staff, just so we can meet demand for consumers.”
The society is a non-profit organization that provides debt help at no cost.
Hannah said he’s watched demand for services grow substantially since the Bank of Canada started increasing the benchmark interest rate.
“Consumers are being hit with a perfect storm,” Hannah told Global News. “You’ve got interest rate hikes, which amounted to eight increases in a row and inflation, which last August hit an almost 40-year high, so we’re dealing with really unique situations, which many people have never experienced before.”