How are rising interest rates affecting Canadians?
Since the Bank of Canada raised interest rates in July, it was only a matter of time for this to start impacting debt in Canadian households.
A recent article published by Global News stated, "over 30 percent of Canadians say they’re concerned that rising interest rates could push them close to bankruptcy". If your household budget was affected by the rising interest rates, it's important to counter-act the higher payments by re-jigging your budget.
The article singles out Canadian millennials and gen-Xers and states that the are "particularly vulnerable to rising debt-servicing costs, the survey suggests, with 50 percent of respondents in both age groups saying they’ll face financial difficulty if interest rates go up much more. That’s almost 10 percentage points higher than the share of those who said across all age groups."
You can read the Global News article, here.
If you've been affected by the rising interest rates and can't get yourself out of debt, contact our office today. We will review all debt repayment options with you and find the best option that suits your situation.