Rising Mortgage Rates will Challenge Many Canadians

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Rising interest rates will make it challenging – if not impossible – for many Canadians to balance their household budgets. Canadians should prioritize first and make changes to their housing payments later according to Scott Hannah, President & CEO of the Credit Counselling Society.

With Financial Institutions announcing increases in mortgage rates this week, more Canadians will find it challenging – if not impossible – to balance their household budget.

Scott Hannah, President & CEO of the Credit Counselling Society says that if you're already committed to housing payments that might feel too high, don't panic and make a bad decision. “Make some choices about prioritizing first, and get ready to consider making changes with your housing payments later.” Since a home is most people's biggest asset, see if it can generate some income to get you by. Hannah suggests, “that you might be able to rent a room to a student or offer your storage space for rent.” As an example, he says “that if you have a 2 bedroom apartment and don't need the second parking spot it comes with - but the guy down the road needs a spot to park his motorcycle, rent the space to him for extra cash”. That little bit extra might just be enough to help you make do in a bad situation.

About the Credit Counselling Society

The Credit Counselling Society is a non-profit organization dedicated to helping consumers find solutions to their debt and money problems by offering free confidential credit counselling and guidance for debt repayment. The Credit Counselling Society also provides education to consumers across Canada. For more information, visit http://www.NoMoreDebts.org or call 1.888.527.8999.

Media Contact:

Scott Hannah, President & CEO
Direct Line: 604-636-0211
Scott(at)nomoredebts(dot)org

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