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Interest Rate Hike: 3 Ways It Affects Your Finances

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Posted by Tori Floyd, Yahoo Finance

on Tuesday, 11 July 2017 10:54

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It’s all but confirmed that the Bank of Canada will raise its key interest rate later this week. That prospect has many Canadians on edge, unsure of what to expect.

A report from RBC last week forecast that if interest rates were to rise one percentage point over the next year, it would mean households would end up paying an additional two cents for every dollar of income to serving debt. That amounts to the average Canadian household (with a median income of $78,870) paying about $130 more each month... CLICK HERE for the complete article


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