Are You at Risk if Interest Rates Rise? The Financial Consumer Agency of Canada Urges Canadians to Do a "Debt Check-Up"
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwire) -- 10/02/12 -- In order to help Canadians prepare for a possible increase in interest rates, the Financial Consumer Agency of Canada (FCAC) has developed a to help consumers deal with some risks in their budgets.
"While interest rates are now at all-time lows in Canada, it is likely that they will rise sometime in the future. Canadians need to look at how much debt they are carrying, particularly in the amount of their mortgages, home equity lines of credit (HELOCs), personal lines of credit and variable-rate personal loans," says FCAC Commissioner Ursula Menke. "By doing a debt check-up, consumers can take a close look at their present debt burden and think about whether they would be able to handle it if their payments increase."
As part of their debt check-up, consumers are urged to look at their current total monthly payments, which they can list on the ; they should then talk to their lenders to find out how much their payments could increase if interest rates go up. They can then determine whether the total would still be within their comfort zone and consider their to have more money available to repay debts and save for their goals.
If mortgage rates increase
In dollar terms, the couple's mortgage payments could increase anywhere from $72 per month (or $864 per year) to $456 per month (or $5,472 per year).
Potential impact
Mortgages and personal loans are often only part of household debt. Other payments such as lines of credit, will also rise with mortgage rates.
FCAC resources
Consumers who are looking for information on dealing with their debt will find tips on on FCAC's website at .
About FCAC
With and , the (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with intended to protect consumers.
You can reach us through FCAC's Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: .
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Disponible en francais
Contacts:
Media relations:
Julie Hauser
Media Relations Officer
613-941-4168
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Datum: 02.10.2012 - 15:55 Uhr
Sprache: Deutsch
News-ID 188896
Anzahl Zeichen: 0
contact information:
Town:
OTTAWA, ONTARIO
Kategorie:
Government & Administration
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"Are You at Risk if Interest Rates Rise? The Financial Consumer Agency of Canada Urges Canadians to Do a "Debt Check-Up""
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