this post was submitted on 11 Jul 2023
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More than half of Canadians $200 away or less from missing bill payments: MNP (globalnews.ca)
submitted 2 years ago by [email protected] to c/[email protected]
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Just over half of Canadians say they are $200 away or less from not being able to pay all of their bills at the end of the month amid higher interest rates and inflation.

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[–] [email protected] 8 points 2 years ago (2 children)

Household debt has been identified as a key risk for the economy by the Bank of Canada which is scheduled to make its next interest rate decision on Wednesday.

Then why the hell does the BoC continue to raise the gd interest rates ffs?

On a personal note I have an appt scheduled today with my bank to try and work out some kind of deal ... the first step towards bankruptcy. :/

[–] [email protected] 6 points 2 years ago (1 children)

Because BoC's mandate is to limit inflation. Affordability isn't their problem.

[–] [email protected] 4 points 2 years ago

Because BoC’s mandate is to limit inflation

And further to that, they have very few tools at their disposal - interest rates being the main (and most effective) one.

[–] [email protected] 5 points 2 years ago* (last edited 2 years ago)

Then why the hell does the BoC continue to raise the gd interest rates ffs?

Largely because there is too much household debt (which helps drive inflation). Higher rates incentivizes people to take on less debt.