Canada’s benchmark interest rate has been at 1 percent for more than two years and, as a result, a lot of Canadians have gotten pretty comfortable floating along on a cloud of cheap debt. Unfortunately, most economists agree that the air will go out of that cushy lifestyle – perhaps as early as this year – when interest rates rise. The problem is, most of us are just so darned comfy, we haven’t given much thought to what a rate increase could mean to our finances and financial well-being. In other words, many of us are living in a dream…and deliberately ignoring the fact that we may be drifting toward a serious financial wake-up call.
Are you living on the edge? Find out what areas of your financial life would be affected by an interest rate increase and what it could cost you in my new article on GoldenGirlFinance.com.