Just over half of Canadians say they are $200 away or less from not being able to pay all of their bills at the end of the month amid higher interest rates and inflation.
It seems like Canada is really splitting into haves and have-nots.
Household debt has been identified as a key risk for the economy by the Bank of Canada which is scheduled to make its next interest rate decision on Wednesday.
Then why the hell does the BoC continue to raise the gd interest rates ffs?
On a personal note I have an appt scheduled today with my bank to try and work out some kind of deal … the first step towards bankruptcy. :/
Because BoC’s mandate is to limit inflation. Affordability isn’t their problem.
What I hate is that on top of prices going up, stuff is getting smaller and cheaper quality.
I bought an Ikea shelve recently and compared it to the same model I bought 5 years ago, the wood is visibly thinner and the screws and stuff are now cheap plastic instead of metal.
Food is getting smaller portions, appliances break at nothing and must me changed more often… it is unsustainable.
I say this more to keep in the back of your mind as a long term solution, not to fix your problems now. But if you’re able to advocate for better public transit in your area and urban planning more focused on walkability rather than car-centric, it will help everyone. Cities that are less car focused are better places to live in general. Plus it will open up the option to go from a 2 car household to 1, or even from 1 to none (less likely but possible in urban areas). A car is a huge expense when you add up all the direct and indirect costs. I would guess based on a few web searches that $1000/month per car is within the ballpark. For many, its a lot more. This means if you found a job that was within walking distance of your home that paid $5k less than your current job, you would still be making $7k more annually. This is a simplification but gives you an idea.
Not surprised in the slightest.
Most of my immediate neighbours own houses way outside their budget/payment capacity. As you said, add inflation and bigger monthly mortgage payments to the mix and it’s no surprise they can’t save 200$/month.
