Canadians are increasingly vulnerable to "payment shock" as higher household debt levels collide with oversized interest rate hikes.
"We're already starting to see signs of that now," Cowan said. "Some people are already having trouble servicing debt and it could get worse." For example, a $100,000 home equity line of credit with a roughly 3.5 per cent floating interest rate at the beginning of the year would have cost roughly $250 a month in debt servicing costs, Shelestowsky said. That amount has now roughly doubled.Credit reporting agencies Equifax Canada and TransUnion Canada both released reports this week highlighting the recent growth in household debt.
got one kidney to sell....
Economic mismanagement like this. Should result in some fired top bankers. No way gain absolution after this level of disasters economic numbers