CTV NEWS – Everyone’s feeling the pinch | July 12, 2023

Clinton Wilkins speaks with Bruce Frisko about the latest rate increase on CTV News.

“Everyone’s really feeling the pinch right now. And we’re starting to see the cracks.”

Bruce Frisko 00:01
I’m Bruce Frisko and Halifax where today’s rate hike was about as welcome as a dip in the harbor. Even for those with fixed rate mortgages.

Ian Cameron 00:10
A couple line of credits that are going to be more expensive. Come tomorrow.

Vicky Carr 00:16
Although expected, the hike comes at a time when literally everything we consume already costs a lot more. It’s just added to every other pressure that people have at this time. Real Estate tends to get all the attention when the central bank moves. But experts say it’s the tip of the iceberg.

Clinton Wilkins 00:35
Business is borrowing money, access to capital, you know, those people that are in a fixed rate, the fixed rates are very high. So everyone’s really feeling the pinch right now. And we’re starting to see the cracks.

Make a budget and stick to it

Bruce Frisko 00:46
Although the rate now sits at an even 5% the bank says it’s concerned its war on inflation could stall jeopardizing the return to price stability. Naturally, those who’ve already tackled their debts are reaping the rewards.

Risa Lee 01:00
So it doesn’t really affect me and I think it would have really bothered me if I was still having a mortgage for sure.

Bruce Frisko 01:06
For the rest of us struggling right now. The best advice is to cut expenses where possible, make a budget and stick to it and approach the bank directly about getting a better rate.

Douglas Wright 01:17
If you got a pretty good credit score, and you’ve been with the bank for a while. Who’s to say that they don’t have a little bit of room.

Bruce Frisko 01:27
Some sage advice as we all soldier on in the wake of another unwelcome rate hike. Bruce Frisko, CTV News, Halifax.