Got debt from a mortgage, business loan or some other source? Rising interest rates are not your friend. Indeed, nearly a third of Canadians fear that another rate hike could push them towards bankruptcy! With that in mind, BNN Bloomberg interviewed our CEO and Co-Founder, Tea Nicola (and that’s Nicola, not Nicole — sorry, BNN), to find out what rising interest rates mean for everyday Canadians.
How interest rates might affect you. The highlights
“We have a really high household consumer debt levels in this country and the rise in interest rates is going to make servicing that debt a little tougher. But I ran some numbers earlier today. On a $500,000 mortgage, a 0.25 percent increase in interest rate, if you have a variable rate mortgage, is about $65 a month in terms of payment difference…
“But I actually recommend that most people see a financial professional and find out if that fear is justified… because even though knowing what might happen might be troublesome and cause you to have to change certain things in your household budget, it’s better than losing the opportunity to service that debt… Now’s the time!”
Did you know WealthBar clients get unlimited, free advice from a financial adviser who is looking out for their best interests? We don’t just help you figure out how to service your debt. We’re here to help you grow your money.
Check out the whole interview and see what else WealthBar’s CEO had to say