Comments on: Canadian Households To Cut Spending and Pay Down Debts If Rates Rise: BoC https://betterdwelling.com/canadian-households-to-cut-spending-and-pay-down-debts-if-rates-rise-boc/ Canada’s Fastest Growing Real Estate News Source Sun, 10 Jul 2022 03:21:39 +0000 hourly 1 By: Gerald Silva https://betterdwelling.com/canadian-households-to-cut-spending-and-pay-down-debts-if-rates-rise-boc/#comment-84193 Wed, 06 Jul 2022 19:43:09 +0000 https://betterdwelling.com/?p=21122#comment-84193 In reply to David Tran.

That is if you have a job.

]]> By: J https://betterdwelling.com/canadian-households-to-cut-spending-and-pay-down-debts-if-rates-rise-boc/#comment-84187 Wed, 06 Jul 2022 15:22:34 +0000 https://betterdwelling.com/?p=21122#comment-84187 In reply to Joe Fast.

Free Market baby – price gouging is nothing new in “free economies”. Government regulations/windfall taxes that get redirected into mass transit (urban landscapes) is a no-brainer. However, politics and lobbying have essentially killed this logical way of building a livable city. It’s landlords vs plebs all over again.

The uber-rich doesn’t care if the city falls apart, they have the war chest to rebuild and sell it at a profit no matter how long it rots. The housing systems are too tied to global financial markets as a piggy bank for the rich. Until there are regulations and decommodification of housing, this cycle will continue to ruin economies.

]]> By: Joe Fast https://betterdwelling.com/canadian-households-to-cut-spending-and-pay-down-debts-if-rates-rise-boc/#comment-84183 Wed, 06 Jul 2022 02:57:52 +0000 https://betterdwelling.com/?p=21122#comment-84183 The thing about paying off debt is off as well. When people get scared they do not pay off debt but stop spending and stash away money. If anything they may think this is temporary and if unlucky and have a mortgage renewing soon will want extra savings. After all the banks usually do not defer mortgage payments. You want to make sure you have enough reserves and cash flow.

]]> By: Joe Fast https://betterdwelling.com/canadian-households-to-cut-spending-and-pay-down-debts-if-rates-rise-boc/#comment-84182 Wed, 06 Jul 2022 02:49:12 +0000 https://betterdwelling.com/?p=21122#comment-84182 Another way to look at the prime rate and even the Bank of Canada is not the most important thing in controlling inflation. It is simply the nerve of the gas companies as to what they can get away with. We use to look at prime now all we have to do is look at is the price of gas on any corner street. Rather then ride out the supply issues the bank is raising rates totally out of touch with the real problem.

]]> By: Joe Fast https://betterdwelling.com/canadian-households-to-cut-spending-and-pay-down-debts-if-rates-rise-boc/#comment-84181 Wed, 06 Jul 2022 02:44:25 +0000 https://betterdwelling.com/?p=21122#comment-84181 The problem inflation is not caused by people. It is the companies taking advantage. Why does not anyone report the profits of the oil companies. If they are making 3 to 5 times their normal profits is it not them causing inflation and raising interest rates will have little effect.

]]> By: David Tran https://betterdwelling.com/canadian-households-to-cut-spending-and-pay-down-debts-if-rates-rise-boc/#comment-84170 Tue, 05 Jul 2022 19:26:17 +0000 https://betterdwelling.com/?p=21122#comment-84170 In reply to Mark Bayly.

If you got a variable rate your costs is as high as a fixed rate. If you got a fixed rate, you’re not seeing any cost increase for 5 years, at which point your salary will have inflated enough to handle it without much event.

]]> By: Mark Bayly https://betterdwelling.com/canadian-households-to-cut-spending-and-pay-down-debts-if-rates-rise-boc/#comment-84150 Tue, 05 Jul 2022 00:48:22 +0000 https://betterdwelling.com/?p=21122#comment-84150 If interest rates go up most houses with mortgages will be shelling out an extra 500 to 1000 a month or more How will they pay down other types of debt ?

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