“Are there opportunities to shift into a lower interest rate? If you have credit card debt, can you consolidate?\u0022: Personal debt specialist
“Sooner or later it catches up with you,” said Zach Brull, of 4 Pillars Personal Debt Restructuring.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.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. Postmedia Network Inc.
Wednesday was the fifth time this year the Bank of Canada hiked its interest rate that sets the trend for car loans, lines of credit, and variable mortgage rates.Article contentWe apologize, but this video has failed to load.“Given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further,” the central bank said in a statement.
Brull said deep financial woes that become unsustainable — not inflation or rising rates — push people to restructure debts. So far this year, consumer insolvencies for the year up to July 31 increased by 2.5% compared to the same time period in 2021, according to the Office of the Superintendent of Bankruptcy.
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