Debt Shock Alert!
The average Canadian household's interest payment on debt has surged by 75% in just two years!
Households now pay over $10,000 annually in interest, up from less than $6,000 in 2022.
Even with expected Bank of Canada rate cuts, average interest payments will keep rising in the near future. Why?
Because most mortgage holders are still paying the ultra-low rates from before 2022.
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