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Rate Increases 101
On March 2, 2022, the Bank of Canada announced an increase in interest rates, with a hike of 0.25%, bringing the current rate to 0.5%. More rate hikes are expected throughout the year.
Here are the key things you should know:
To combat inflation. When inflation gets too high (when too many dollars chase too few goods), the Central Bank may choose to increase interest rates. This is done to encourage saving rather than spending and help improve the balance between supply and demand.
Rate increases will make borrowing more expensive, affecting interest costs for mortgages, home equity lines of credit, credit cards, student debt, and car loans.
We’re here to help you navigate this. Contact your local credit union today.
If you’re interested in learning more about interest rates, check out anatomy of an interest rate and the low-down on interest rates.