The “Reset” Looms: Canadians Start Feeling The Pain of Debt

The Bank of Canada has increased its key interest rate three times since last summer, prompting some of Canada’s larger banks to raise their prime lending rates. Forty-seven percent of Canadians are feeling the pinch, indicating they will not be able to meet ordinary living expenses without incurring more debt. More than half say that high-interest rates will make it increasingly difficult to repay existing debts, with 33 percent fear that rising interest rates will force them into bankruptcy.

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