ARE YOU READY FOR THE INTEREST RATE INCREASE?
Apparently it is coming and that is not doom and gloom hype. We have been blogging about rate increases for months and it looks like they are finally coming.
Due to low incomes and the proliferation of contract and part time jobs in Canada most Canadians have become dependent on debt to meet the basic needs of their families. Even with low interest rates, seemingly facilitating the faster payment of debt the result has simply be…en to reconsolidate.
Canadians are still dragging around unresolved and unresolvable debt. Unresolvable because even if resorting to extreme measures, such as a bankruptcy or proposal, to get out of debt many will be back in debt within a year or two.
Those who do get right back into debt will be gouged with very high interest rates. Are you ready, they are coming?