More than seven in 10 Canadians rate their ability to budget for an interest rate increase of one percentage point as less than optimal, a nationwide survey found.
The prospect of climbing rates has nearly half of Canadians on edge, according to a recent Ipsos poll conducted by MNP, which runs one of the largest personal insolvency firms in Canada.
READ MORE: Interest rates could rise July 12: Who are the winners and losers?
A staggering 77 per cent of survey respondents said they would struggle to absorb an additional $130 per month in interest payments on debt, the study shows.
Global News has calculated that a one percentage point rate hike would work out to $130 more in monthly debt servicing costs o…
Read the full article at: http://globalnews.ca/news/3586813/canadians-debt-interest-rate-increase/
