How rising interest rates actually affect you - MoneySense

How rising interest rates actually affect you

Canadians need to plan for a period of spiking rates. Here’s what to know

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The Bank of Canada will decide today whether to continue raising interest rates, and will issue its latest predictions for the Canadian economy. Canadian bank notes are seen, in Ottawa on Wednesday, September 6, 2017. THE CANADIAN PRESS/Adrian Wyld

With the amount of debt Canadians carry and the state of housing markets in our largest cities, interest rates might be the most important financial factor that we regularly ignore. For almost a decade, that was fine. But they’ve just been raised for the fourth time in the past 12 months, and they probably won’t stop here. Canadians need to plan for a period of spiking rates that will impact everything from mortgages and lines of credit, to student loans, savings accounts, and investments. Veteran business and personal finance journalist Bryan Borzykowski gets us up to speed.

      The Big Story, July 12

Learn more at The Big Story.

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