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Due to Inflation Many Canadians Resorting to Debt
Source: Rhythm Sachdeva, CTV NEWS
Taking on debt to pay bills often means taking on personal loans
Amid high inflation rates in Canada, which peaked in June at a staggering 8.1 per cent, a new survey has found that many Canadians are now turning to debt to keep up with their expenses.
July saw a slight dip in the national inflation rate, dropping by 0.5 per cent. Still, the sharp price increases in 2022 have hurt many individuals and businesses in the country, according to a survey published on Aug. 16 by Finder.com, a personal finance comparison site.
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