‘Tough’ 6-12 months ahead for Canadians amid inflation, rate hikes: expert:

In his opening statement Wednesday, Bank of Canada governor Tiff
Macklem acknowledged that “higher interest rates will add to the
difficulties that Canadians are already facing with high inflation,” but
said the decision to front-load increases now is short term pain that
is necessary to bring inflation down for the long term.

“People are unsure of what they need to do to really get on top of
this,” said Gursharon Singh, credit counsellor with Credit Canada.

Traditional strategies like cutting expenses, money management and
extra sources of income might not be enough to help with the
double-edged sword of high interest rates and inflation, she said,
especially as Canadians remain saddled with debt.

‘Tough’ 6-12 months ahead for Canadians amid inflation, rate hikes: expert: In his opening statement Wednesday, Bank of Canada governor Tiff
Macklem acknowledged that “higher interest rates will add to the
difficulties that Canadians are already facing with high inflation,” but
said the decision to front-load increases now is short term pain that
is necessary to bring inflation down for the long term.“People are unsure of what they need to do to really get on top of
this,” said Gursharon Singh, credit counsellor with Credit Canada.Traditional strategies like cutting expenses, money management and
extra sources of income might not be enough to help with the
double-edged sword of high interest rates and inflation, she said,
especially as Canadians remain saddled with debt.Read More