The Bank of Canada (BoC) is widely expected to raise its trend-setting interest rate by another quarter of a percentage point to 1.75 per cent, on Wednesday. It would be another step in the gradual move toward higher rates under the stewardship of BoC governor Stephen Poloz. And it could also nudge a growing number of Canadians burdened by debt closer to insolvency.
A recent survey by debt consultancy firm MNP found that one-third of Canadians now worry that climbing rates could move them toward bankruptcy. Thats up a whopping six percentage points since June, before the central bank implemented its second rate hike of the year in July.
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Read the full article at: https://globalnews.ca/news/4585337/bank-of-canada-oct-24-interest-rate-hike-debt-delinquencies/