Rising interest rates: ’cause a lot of concern’

The sixth straight hike in interest rates is putting more pressure on households, and more specifically on those who were already in debt.

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The chief trustee in the bankruptcy case Jean Fortin et al. notes: The concern is very present. Many people wonder about the future. How many flights are coming? “

In an interview with TVA Nouvelles de midi, he explains that it is consumer debt that often creates the problem.

“Credit cards, personal loans, lines of credit: it’s really a burden we can’t bear. We can’t go into budgeting while protecting the house, which is often our main source of trust,” explains Pierre Fortin.

To maintain the pressure caused by rising interest rates, a debt reduction plan can be devised.

“Either make reductions in certain expenditures in order to be able to pay off consumer debts more quickly, or make a consumer proposal that makes it possible to negotiate the reduction with creditors,” Mr. Fortin specifies.

Thus, the cash that is released will help meet the mortgage payments.

According to experts, the interest rate hike, which was set up to curb inflation, will only be temporary and can last for a year or two.

“You have to weather the storm,” he explains.

*** Watch his full interview in the video above. ***