Higher rates mean thinking harder about your spending habits
“It’s possible there is some borrowing or lending that may not be fully responsible that’s gone on over the past year or so,” says Reitzes. “And there could be some necessary belt tightening on the back of this.”
“All this debt that’s been accumulated is going to hurt,” says Bernard Wolf, professor emeritus of economics and international business with the Schulich School of Business at York University in Toronto. Some Canadians may think that sounds like a problem for Freeland to sort out, not them. But unfortunately, Wolf explains, if spending continues at the rates we saw during the pandemic, the government will eventually need to find money elsewhere.That, or the government will find itself with less money to allocate to social programs and services.
But many of the government’s new programs will take years to accomplish that goal. For now, with inflation still creeping up and interest rates on the rise, it’s hard to know what the coming months or years will hold for Canadian consumers.
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