The Bank of Canada (BoC) announced a massive interest rate cut this week, but one expert says it may not make a big difference for most Canadians. Th…
The BoC dropped the rate by 50 basis points, bringing it from 4.25 per cent to 3.75 per cent, which many referred to as a "jumbo-sized" drop.According to Francisco Remolino, principal and licensed insolvency trustee at Toronto-based Remolino and Associates, this rate cut likely won't dent the trillions of dollars of debt Canadians are drowning in.indicate consumer debt levels in the country rose to $2.5 trillion in the second quarter of 2024, which marks a 4.
He noted that essential expenses like groceries and utilities remain elevated and that "a small reduction in interest rates won't significantly alleviate these daily living costs."for more "aggressive" rate cuts, but how low do they need to go to make a tangible financial difference for Canadians? It could result in increased borrowing because lower interest rates "make loans more attractive for both businesses and consumers."
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