this post was submitted on 11 Jul 2023
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More than half of Canadians $200 away or less from missing bill payments: MNP (globalnews.ca)
submitted 1 year ago by sik0fewl@kbin.social to c/canada@lemmy.ca
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Just over half of Canadians say they are $200 away or less from not being able to pay all of their bills at the end of the month amid higher interest rates and inflation.

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[–] girlfreddy@lemmy.ca 0 points 1 year ago (1 children)

Household debt has been identified as a key risk for the economy by the Bank of Canada which is scheduled to make its next interest rate decision on Wednesday.

Then why the hell does the BoC continue to raise the gd interest rates ffs?

On a personal note I have an appt scheduled today with my bank to try and work out some kind of deal ... the first step towards bankruptcy. :/

[–] EhForumUser@lemmy.ca 1 points 1 year ago* (last edited 1 year ago)

Then why the hell does the BoC continue to raise the gd interest rates ffs?

Largely because there is too much household debt (which helps drive inflation). Higher rates incentivizes people to take on less debt.