Best Accountants in Hamilton, ON

The Bank of Canada recently raised interest rates for the first time in seven years, and Canadians are wondering how this will affect their savings. The good news is that if you have money in a savings account, you will likely see your interest rate go up as well. This means that your savings will grow faster. The bad news is that if you have debt, your interest payments will increase. This could make it more difficult to pay off your debt. If you are worried about the impact of rising interest rates on your finances, there are some things you can do to protect yourself. First, if you have debt, try to pay it off as quickly as possible. The sooner you can get rid of your debt, the less interest you will have to pay. Second, make sure you have an emergency fund to cover unexpected expenses. This will help you avoid using credit cards or taking out loans to pay for unexpected costs. Third, consider investing in a longer-term savings plan. This will help you take advantage of higher interest rates over time. The bottom line is that rising interest rates can have both positive and negative impacts on your finances. by taking some simple steps, you can protect yourself from the negative impacts and take advantage of the positive ones.