Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way. If you don't see it, please check your junk folder.
“The noticeable improvement in Canadians’ finances early in the pandemic wasn’t sustainable,” Hogue and Liu said. “Those gains are now reversing and will likely erode further amid a softening economy and higher interest rates.”that reset with Bank of Canada decisions are already bearing the brunt of heftier monthly payments.Article content
However, signs of distress are appearing in the rising rate of consumers who are 90 and more days behind on debt payments for instalment loans used for things such as home renovations, emergencies, debt consolidation, credit cards, auto loans and lines of credit. “A looming recession and the ongoing effect of higher interest rates will only add stress in the period ahead,” Hogue and Liu said.to hit the economy as early as the second quarter with growth falling 0.5 per cent followed by a decline of one per cent in the third quarter. A recession is defined as two consecutive quarters of negative growth.
This “mild” recession will push the unemployment rate up to as high as 6.6 per cent by the first quarter of 2024, from five per cent currently.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: nationalpost - 🏆 10. / 80 Read more »
Source: financialpost - 🏆 7. / 85 Read more »
Source: nationalpost - 🏆 10. / 80 Read more »