New Poll: Canadians Not Worried About Interest Rates
A new poll of Canadian mortgage holders shows that not many people are worried about rising interest rates. The study done for The Investors Group, showed that Canadians seem overly confident about the potential pitfalls of higher borrowing costs.
According to Peter Veselinovich, the Investors Groups’ vice-president of banking and mortgage operations, “individuals aren’t as concerned” as previously estimated. This is different from a generation ago when there was a lot of drive to pay down debt as soon as possible.
Veselinovich also mentioned something that I found to be a little frightening: mortgage and debt holders are either very knowledgeable about the situation they’re in or they’re totally in the dark about what their debt means for their future.
At this point, it’s hard to say. I’m hoping for the former, as the latter would have grave implications for our economy and the future generations.
