Canadians Are On The BRINK Of Bankruptcy (Report Shows)

Canadians have long been known for their financial stability and prudent economic management. However, recent interest rate hikes have sparked concerns that many Canadians are teetering on the brink of bankruptcy. While the economy is undoubtedly robust, the impact of these rate hikes on household finances cannot be underestimated. This essay explores how interest rate hikes are affecting Canadians and potentially pushing them toward financial instability. The Rising Interest Rates In recent years, the Bank of Canada has gradually increased interest rates to combat inflation and maintain a stable economy. These rate hikes were necessary to address economic challenges, but they have had significant consequences for Canadian households. As interest rates climb, the cost of borrowing increases, which, in turn, affects various aspects of Canadians’ financial well-being. The Mortgage Dilemma One of the most prominent impacts of interest rate hikes in Canada is the effect on mort