'Simply no way for me to cut back anymore': Canadians reveal how BoC's interest rate hike will affect them

the biggest interest rate hike in decades aimed at tempering rising inflation, Canadians have been assessing the impact on their purchase decisions and financial futures.Canadians what impact the unexpectedly large rate hike will have on their lives.

Kevan Spice, another homeowner from Alberta, emailed to say that the interest rate increase is driving him to a financial “breaking point.” Another Canadian homeowner, Tjreddy Pierrefonds, who did not disclose a location, wrote that costs towards vacations, home improvements and entertainment expenses now need to be cut to offset the increase in payment.'POSITIVE' IMPACTS:

“I'm not a homeowner and my business does not own our space, and lately there's been no hope of that ever changing,” he wrote to CTVNews.ca. “The only place where my money has had any chance of growth for several years now has been the markets, which have now tanked and wiped out a significant amount of my wealth. The pandemic has crippled my business substantially and we haven't come close to bouncing back yet .

If you bought to impress…thems the breaks. Handle it. For people who saved for retirement it’s about time the interest rates improved.

No more $7 laté, yearly iPhone upgrade, 'deserved' yearly winter vacay, biannual new car lease, line of credit to buy motorized toys, etc. Time to be fiscally responsible. Save, sacrifice, buy needs not wants

How about asking major financial monarchs how this will affect there $10's of billions in profit margins & were quick to pretty much double their credit interest rates but not our savings interest rates?

To put this in perspective when inflation was at 9% in the ‘80s the interest rates were 18%. The message from the Bank of Canada is; we need to own the problem, identify the profiteers, take action against greed and control our spending.

You live in dept. you pay the price. For those who voted liberal_party this is all you and theJagmeetSingh

Stop whining

BoC and the Feds crushing 🇨🇦

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Morning Update: BoC’s interest-rate hike expected to further dampen housing marketHousing prices have been dropping since the central bank started its series of rate increases this March Make it less affordable for Canadians, that will fix the problem of unaffordable housing. Only in Canada.
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