Watch out for rising interest rates - MoneySense

Watch out for rising interest rates

The Bank of Canada reminded Canadians that interest rates won’t stay low forever.

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The Bank of Canada is committed to keeping interest rates super-low for now. But in an unusual warning this week it reminded debt-laden Canadians that interest rates won’t stay low forever. The reason for the heads-up? Simply, many of us are deep in debt. As long as interest rates remain low, making our monthly payments on huge mortgages and lines of credit is no problem. But once rates start to rise, a lot of Canadians could find themselves in trouble servicing their debt.

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