Found 2 blog entries tagged as debt.

Despite the coronavirus pandemic leading to a so-called Great Resignation that has produced a labour shortage in North America and Europe, fewer Canadians are embracing entrepreneurship, bucking the growing trend south of the border. Before the global health crisis, there were close to 2.9 million self-employed Canadians. Today, Statistics Canada data show a little more than 2.6 million self-employed folks, with losses situated throughout multiple industries, including professional and technical services. It turns out that these folks have transitioned to paid full-time employment. It is a grind for the rest of the self-employed class, but it is also liberating. Of course, that feeling may not be the same when it comes to gathering credit and applying…

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Canadians have enjoyed low interest rates for the last decade, but even more so since the onset of the global pandemic, when the Bank of Canada responded with a trio of rate cuts, bringing us to 0.25%. But 2022 has already seen three interest rate hikes in response to soaring inflation rates, which reached a 39-year high in May, at 7.7 per cent. With a fourth increase in the Bank’s interest rate, you may be wondering: How will higher interest rates affect me?

What does an interest rate hike mean if you’re planning to buy a home, if you already have a mortgage, or are carrying any other debt? Let’s take a step back to better understand what causes movement in interest rates and how a higher rate might impact you.

What Causes Interest Rates to…

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