Enough Already. Bank of Canada Raises Interest Rates - Again!

FYI - The Intrest Dogs are at it again.The Bank of Canada continues it's interest rate increases much to the chagrin of many Canadians who feel the bank has been squeezing them enough already. With record debt levels, raising the rates means you've got less to spend on everything and more importantly, proportionately more of your money going to service your debts than you did yesterday.

If you have any amount of "consumer debt" such as credit cards, unsecured lines of credit or other unsecured loans, it may make abundant sense to spend some time with your financial advisor to see if a refinance makes sense. In times like this, as interest rates have risen, it is possible that you could save significant dollars in interest costs by finding the best solutions to minimize the effect of these rising rates.

If you'd like to read more about the Bank of Canada's decision to again increase the rates, please click here for the full press release.