Canadian Household Concerns With Possible Bank of Canada Interest Rate Increase

Monday Jan 15th, 2018

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Many economists are expecting Bank of Canada Governor Stephen Poloz to announce the first interest rate rise of 2018 on Wednesday. 

A survey from insolvency firm MNP reveals that almost half of respondents are within $200 of being unable to meet their monthly financial obligations.

The report shows that a third of households are already unable to meet their monthly costs with a similar share concerned about their levels of debt, 38% regretting taking on so much debt, and 55% not expecting to have a debt-free retirement.


Four in ten Canadians are concerned that they would be in financial trouble if interest rates rise much more; a third could be facing insolvency.



 

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