With rising grocery and gas prices, are there concerns about increasing debt levels here in Northern Ontario as well?

Costs are rising, and a financial advisor in Timmins said people are worried that current and future financial resources are at risk.

He said, "Inflation is at its highest level, year-over-year, since the early eighties, so it is definitely a concern. It will negatively affect people, and we have seen that over the past year, so far.

Darcy LaRoche said to Wealth Management, "Markets have been retreating," and a credit advisor in Southern Ontario said low-income people across the country are feeling the price increases everywhere.

Industry surveys show that an increasing number of people with debt are worried that current economic challenges will harm their ability to cover their expenses.

Experts say this often means people will turn to credit cards, loans, and lines of credit to make up the shortfall.

And their advice: "Postponing the purchase of a car would be a good idea right now, as prices are highly inflated."