387 –  How To Deal With Higher Interest Rates

387 – How To Deal With Higher Interest Rates

Author: Doug Hoyes January 29, 2022 Duration: 29:57

Although the Bank of Canada held interest rates steady in their January 26, 2022 announcement, rates are expected to increase in 2022. When that happens, will you be financially ready for higher borrowing costs? Could you afford to pay an extra, say, $50-$100 a month towards your debts? On today's podcast, Doug Hoyes and Ted Michalos breakdown how a rate hike would impact your finances, whether it's better to get a variable or fixed loan, and why it's important to prioritize debt repayment in a low-rate environment. Tune in for a great discussion.

 

Links:

 

Rising Interest Rates and Debt – What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/

Bank of Canada Policy Interest Rate https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/

Understanding the Bank of Canada Policy Interest Rate: https://www.bankofcanada.ca/2021/04/understanding-policy-interest-rate/

Bank of Canada Mandate: https://www.bankofcanada.ca/publications/annual-reports-quarterly-financial-reports/annual-report-2020/mandate-and-planning/#:~:text=The%20Bank%20of%20Canada%20is,committed%20to%20a%20better%20Canada

Statistics Canada, Consumer Price Index Graphic https://www150.statcan.gc.ca/n1/en/pub/11-627-m/11-627-m2022004-eng.pdf

Butler Mortgage, Mortgage Rates https://www.butlermortgage.ca/rates/

Episode 383, Predictions for Consumer Debt Coming Out of the Pandemic https://youtu.be/LCE6EkOwi8E


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
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