Fear of a rising interest rate is growing among those in Saskatchewan and Manitoba.
That’s according to MNP’s latest Consumer Debt Index released last month.
It states nearly half of residents are already feeling the effects of interest rate increases.
In October, the Bank of Canada raised the interest rate to 1.75 per cent, the highest rate since December of 2008.
Pamela Meger, a Licenced Insolvency Trustee with MNP says people will likely be keeping a closer eye on their money and using that money for needs first rather than wants.
Also in the latest report is that more than half of people are concerned about their ability to repay their debts if interest rates continue to rise.