“Debt” on Impact

A woman with her child stressed over the impact of her debt with the high inflation and interest rates.

It’s no fun hearing phrases like “debt on impact,” or “’til debt do us part” when we’re faced with it. With Canadians owing $1.82 per dollar of disposable income, prices continue to raise with attempts to combat inflation. The Bank of Canada raised its benchmark interest rate again to reach 4.25%. This is the seventh increase for this year alone, and some might say its impact has no ending. Although there may be an end to the high inflation, the increased prices continue to put stress on people’s finances.

A recent report explains that food prices are set to rise between 5-7% in 2023, as the weak buying power of the Canadian dollar makes it a challenge to import goods. Many Canadians are struggling to make ends meet with these increases, and are also stepping back on the holiday shopping to save more for the upcoming recession.

Want to know what your money is worth? Give this Inflation Calculator a try to see the difference in its value overtime.

We at AEG understand the impact of debt towards Canadians. We wish to have your best interests at heart and help you through these trying times. If you are in need of a job, let us help you. Contact us today to learn more about our services and job opportunities.

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