2024-07-06 02:29:46
Canada ranks third in the world for debt among its citizens, according to a new study from Desjardins. They would face a historic rise in the prime rate.
• Also read: Are you one of the thousands of people who haven’t received their “$400 to $600”?
“The IS [Banque du Canada] recently its prime rate has begun to gradually decrease, but at 4.75% it is still at a historically high level,” indicated Maude Drapeau and Lorenzo Tessier-Moreau, economists and authors of the Council. relationship published on Tuesday.
The country is therefore in third place on the podium, behind Australia and Switzerland who win the gold medal.
With interest rates rising, along with the rising cost of living, it’s even harder for Canadians to save money. Almost three in five believe their income has not kept up with the cost of living.
Those on lower incomes must also cut themselves off from their budget. This mainly focuses on basic needs such as housing, transport and food, according to the study.
Household incomes have generally declined for all but the wealthiest Canadians. “From 2021 onwards [ils] the only ones whose real disposable income has increased,” the report said.
Higher interest rates, especially on housing and vehicles, are one of the reasons they affect the distribution of income in favor of the wealthiest.
These are the same people who would have accumulated most of the total debt, according to Desjardins. However they have more financial assets and investments, which explains their higher income.
#Canadians #among #indebted #people #world