According to MNP's Consumer Debt Sentiment Survey, almost half of Canadian homeowners reported that they were concerned about their ability to make their mortgage payments when interest rates increase.
This is a sign that too many Canadians are over-indebted and living paycheque to paycheque, with little room to adjust to financial changes.
However, Canadian homeowners have the ability to improve their financial situation by controlling expenses, paying off consumer debt and creating emergency savings.
Lana Gilbertson, Licensed Insolvency Trustee, explains the steps Canadian homeowners can take to ease the financial pressure.
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