Debt-burdened British Columbians are feeling the effects of higher interest rates, which have risen twice in 2017.

A new poll from Canada’s largest insolvency firm, MPD LTD, shows that 36% of British Columbians say they’re already feeling the pinch of higher interest rates.

Many respondents to the survey voiced fears and concerns about additional rate increases, with 42% admitting that they’re afraid they’ll be in financial trouble if rates rise anymore.

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“It’s clear that people are nowhere near prepared for a higher rate environment, said Kelowna-based insolvency trustee, Darrin Surminsky.

“The good news is that there seems to be an acknowledgement now that rates are going to climb. This might make people reassess their spending habits – especially using credit.”

It appears that is the case, as 73% of British Columbians said that they’ll be more careful about how they spend their money now that interest rates are rising.

Compared to the first wave of this survey, done in June, the average British Columbian now says they have $186 less at the end of the month after paying bills and debt obligations.

“To get a clear idea of whether or not you can afford your debt as rates move up, you have to stress test your budget at difference interest rates to see if you can handle higher borrowing costs,” Surminsky said.

“Those who are already struggling to pay down their debt or are currently only making minimum payments should seek the advice of a professional right away.”

Surminsky added that small rate hikes don’t radically change household finances and that those affected are already heavily-indebted with no emergency savings.

The Bank of Canada will make its next rate announcement on Wednesday, but the interest rate isn’t expected to rise.