Today’s Headline from National Post:
“Toronto and Vancouver most ‘vulnerable’ to interest rate hikes as personal debt soars, CMHC warns
For every dollar of disposable income, Vancouver Residents Owe $2.42; in Toronto, it’s $2.08″
Unfortunately interest rate hikes are likely next year to cool the property market. It is therefore more important than ever to try and increase your cash flow to service these debts.
Things you could try are:
- Building your credit so that you may transfer to lower interest rate loans
- Budgeting to cut down on your expenses to release cash flow to pay down debt
- Increasing your income by for example finding a second job or renting out a room to a student
Thank you to Spencer Watson and Mwangi Gatheca for Unsplash for photography.