Canadian consumers can expect to see the impact of the latest move by the Bank of Canada to nudge up interest rates again in several areas of the finances. Laird also said anyone currently looking for a home should get a pre-approval that guarantees today's fixed rates for 120 days. 3. Credit cardsThe bulk of credit card interest is charged at a fixed rate, although some cards do carry a variable rate. However, if you begin to miss payments on your card debt, some cards will begin charging a higher interest rate on your outstanding balance. The road aheadCooper pointed out in her report on credit growth that the country's heavy borrowing is likely to subside as support for monetary tightening increases.

Source: CBC News September 06, 2017 16:22 UTC