One-third of Canadians fear bankruptcy ahead of expected interest rate hike
Canadians are bracing for another interest rate hike and many are reporting they fear they are being pushed to the financial brink.
It’s widely expected that the Bank of Canada will raise its benchmark interest rate Wednesday to 1.75 per cent from 1.5 per cent. The bank has already raised that key rate four times since the summer of 2017.
One in three respondents to a new Ipsos survey conducted on behalf of insolvency trustees MNP said they are concerned that higher interest rates could force them toward bankruptcy. That was up about six per cent over a similar survey in June. Higher interest rates are already pinching the budgets of about 45 per cent of respondents and 52 per cent say they are concerned about meeting their debt payments.