Even though the Bank of Canada paused in hiking its policy rates in December and yesterday, many Canadians are already contending with a doubling of interest rates on their unsecured lines of credit in the past year. At the same time, realty prices are falling, making it harder to refinance unsecured debts into a lower rate mortgage on their home. Not surprisingly, insolvencies are rising sharply.
Canadians are increasingly feeling the pinch from rising rates, with insolvencies back on the rise. For more on how consumers can avoid falling into dire straits, BNN Bloomberg spoke with Scott Terrio, insolvency trustee at Hoyes, Michalos and Associates. Here is a direct video link.
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