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Thread: Bank of Canada raised rate 1/4% today
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Wed, Jul 12th, 2017, 08:45 PM #1
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Wed, Jul 12th, 2017, 08:49 PM #2
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... and now all those who were on the cusp of not being able to pay their mortgages or other debt will be pushed over the line...
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Wed, Jul 12th, 2017, 09:29 PM #3
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^^ they were warned oh so many times.
babies teach us acceptance
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Wed, Jul 12th, 2017, 09:44 PM #4
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Thu, Jul 13th, 2017, 11:21 AM #5
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Fri, Jul 14th, 2017, 01:00 PM #6
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That will only affect those with variable rate mortgages. Those with fixed rates won't see any changes until their current term ends. Not saying there aren't people that have taken on far too much debt, and clearly low rates have led to some buying houses with price tags much higher than they would have with higher rates, but this Bank of Canada move, and the next one they will likely announce later this year, won't have immediate visible effects for most.
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Sat, Jul 15th, 2017, 06:08 PM #7
Oh the banks are so thoughtful the last .25% reduction was passed on to the consumer as .15% and now this .25% increase was passed along as the full .25% Thank you Canadian Banks for pocketing some of the last decrease and allowing me to have the full increase.
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Wed, Sep 6th, 2017, 02:09 PM #8
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another bump today
Bank of Canada raises key interest rate to 1 per cent
The Bank of Canada has raised its key overnight lending rate to one per cent, its second rate hike since July.
Watch CP24 or visit CP24.com for details as they become available.
babies teach us acceptance
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Fri, Sep 8th, 2017, 09:37 AM #9Built Bars 15% off sitewide, free shipping when you spend $25. User the code LOUISE2020 to get another 10%
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Fri, Sep 8th, 2017, 12:16 PM #10
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Sat, Sep 9th, 2017, 06:35 AM #11
A half of a generation of low interest rates has been a once in a multi-lifetime opportunity to pay down debt easily. All too frequently, this opportunity has been squandered as it also became easier to increase ones debt in the short term.
I have had numerous discussions with people who have told me earnestly that "the government won't let rates go up" - the government does not set interest rates, the market sets interest rates. They can poke and prod to try to push rates in the short term into a given direction, but ultimately, the rates are set by the bond market.
So yes interest rates can and will increase. If you are in a position where you cannot financially handle higher rates, then you best rearrange your matters so that you can.
My first mortgage was at 12.625% and that was down significantly from a few years before.
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Sun, Sep 10th, 2017, 11:35 PM #12Built Bars 15% off sitewide, free shipping when you spend $25. User the code LOUISE2020 to get another 10%
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Wed, Sep 20th, 2017, 04:30 AM #13
The increase is big, but what can we do about this? lol Right now, I've been talking with my investing chat room group, to seek for alternative that we can get profits or rewards. As always it is easy to lend money but hard to pay them back due to this increase rate. It's time to manage finances!
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