Money Growing number of Canadians say they’re feeling the impact of higher interest rates

23:16  16 april  2018
23:16  16 april  2018 Source:   Baystreet

Rising rates pinching more Canadians: poll

  Rising rates pinching more Canadians: poll Rising rates pinching more Canadians: pollRY

As the Bank of Canada prepares to announce its latest decision on interest rates , a new survey suggests a growing number of Canadians think they would be in financial trouble if rates go up again.

Canadians may already be feeling a squeeze. Canada ’s 5-year yield has soared more than 50 basis points to 1.47 percent since hawkish comments “It also, critically, implies that the economy is already going to feel higher interest rates , even if the Bank of Canada holds (on) Wednesday,” Donald said .

A growing number of Canadians say that they are feeling the affects of higher interest rates, according to a new poll.

Popular Searches

Toyota Motor Corp

TM

Should you lock in your mortgage rate or renew early before interest rates rise again?

  Should you lock in your mortgage rate or renew early before interest rates rise again? Always do the math.

Canadians are feeling increasingly worried about their personal debt, with an increasing number close to being unable to pay the bills every month as higher interest rates start to make an impact , a new Ipsos survey suggests.

After variable- rate mortgages, Canadian borrowers will feel the Bank of Canada 's interest rate hike most heavily in their lines of credit, said CIBC deputy chief 5 tips to manage the money you owe if interest rates go up. It's not just mortgages: How a rate hike this week will impact your other debt.

128.79
+0.26
+0.20%
ZTE Corp

ZTCOF

2.87
-0.46
-13.81%
Tesla Inc

TSLA

291.32
-8.81
-2.94%
Vermilion Energy Inc

VET

42.81
-1.23
-2.79%

The quarterly MNP consumer debt index survey found that 43% of Canadians say they’re feeling the effects of higher interest rates, up five percentage points from just three months ago.

The poll done for insolvency firm MNP also found that 51% of respondents fear rising interest rates could impact their ability to repay their debts, while 33% agreed that rising interest rates could possibly push them towards bankruptcy.

Forty-seven per cent of people surveyed said they do not believe they’ll be able to cover all their living and family expenses in the next 12 months without going into further debt. The poll comes ahead of the Bank of Canada’s interest rate announcement later this week.

The central bank has raised its key interest rate target three times since last summer, moves that have prompted the big banks to raise their prime lending rates. The latest MNP poll was done between March 12 and March 16 and included a sample of 2,001 Canadians that were interviewed online.

The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

Support for Kinder Morgan pipeline expansion grows in B.C.: poll .
Support for Kinder Morgan pipeline expansion grows in B.C.: pollThe proposed expansion of Kinder Morgan’s Trans Mountain pipeline has the support of more than half of British Columbians, but with plenty of caveats, including the minimal impact of threats from Alberta, according to a new poll.

Source: http://ca.pressfrom.com/news/money/-70935-growing-number-of-canadians-say-they-re-feeling-the-impact-of-higher-interest-rates/

—   Share news in the SOC. Networks

Topical videos:

This is interesting!