Although the Bank of Canada announced the overnight rate will stay constant, the big banks are secretly increasing rates for credit line and credit card customers with a poorer credit history. The Globe and Mail pointed out that not everyone benefits from low rates and it's just one legitimate excuse for country's debt mountain. Increasing rates are putting more pressure on the creditworthiness. People bought more they can handle and higher rate just compounds their debts. The higher the credit rate the person has, the better his chances of rates decrease or remain the same.
Factors that hurt your record:
Factors that hurt your record:
- late payments
- use more than 35% of available credit
- inquiries of setting up new credit
- reliance on borrowing tool
Source: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/banks-are-raising-rates-for-those-who-dont-watch-their-debts/article7724326/?service=mobile
- use more than 35% of available credit
- inquiries of setting up new credit
- reliance on borrowing tool
Source: http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/banks-are-raising-rates-for-those-who-dont-watch-their-debts/article7724326/?service=mobile