“I think most people who reflect on this, if they’re in a mortgage right now and they’re seeing these rates going up, they’re becoming more concerned about [this question]: ‘When it comes time for me to renew my mortgage, what am I looking at here, and am I going to be able to manage the new monthly payment I may be faced with?’” Cowan said.
The growing number of Canadians who feel they may be unable to handle higher debt payments is likely to see more and more seek either financial assistance or some kind of debt refinancing, according to Cowan. That’s not just because rates look set to continue rising for the remainder of the year, but equally because inflation – which has spiralled alarmingly upwards in recent months – is exacerbating the cost-of-living crisis facing many people.
“You’ve got folks that are finding they…
