As the Bank of Canada announced this week it was pushing pause on interest rate hikes, a new snapshot of Canadians' debt by Equifax showed credit card debt soared by 15 per cent, totalling more than $100 billion for the first time ever. In addition, total debt climbed six per cent to more than $2.37 trillion. Global's Anne Gaviola is joined by The Peak Daily podcast's Brett Chang to discuss how Equifax says higher interest rates are yet to be felt fully by homeowners and whether people should be alarmed.
The pair then discuss the positives and negatives of the Bank of Canada's interest rate freeze and why while things are heading in the right direction, with the U.S. Federal Reserve having future potential rate hikes, there could be a resulting impact on the Canadian dollar and, in turn, also more inflation for things like food prices.
Also, retailer Nordstrom recently announced it will be closing its stores in Canada - the latest U.S. retailer to do so in the country, and will lay off 2,500 people. Gaviola and Chang ask the question if this is another situation of a U.S. retailer coming to Canada amid excitement only to offer an inferior selection of products, or is it just a sign of the times?
