Keith Emery, Director of Operations for Credit Canada speaks out about the impact of the interest rate hike, along with Senior Economist at Manulife Financial, Frances Donald. Keith Emery discusses how those people with variable interest debt, whether it is home equity lines of credit or variable rate mortgages, will see an increase in their monthly payments, which over time, can have an impact on Canadian households living on tight budgets. Emery recommends doing a “stress test” by using a Debt Calculator to assess whether or not your budget can withstand an interest rate increase.
