Loans Canada CEO on BNN Bloomberg Discussing Interest Rate Hike

Loans Canada CEO on BNN Bloomberg Discussing Interest Rate Hike

Written by Caitlin Wood
Last Updated July 14, 2022

Loans Canada CEO, Scott Satov joins Paul Bagnall of BNN Bloomberg to discuss the Bank of Canada’s 100 basis point rate hike and how it will affect household debt.

The rise in interest rates will put even more pressure on Canadian households that are already battling record-high inflation. Satov examines what the household debt profile of the average Canadian looks like, what type of debt will be affected most, and the risk of the default rate rising.

More on the Bank of Canada’s rate hike announcement:

  • The Bank of Canada surprised consumers by raising the overnight rate by 100 basis points today, far more than the expected 75 basis points.
  • The 100 basis point hike will bring the national overnight interest rate from 1.5% to 2.5%, the 4th increase in 2022.
  • The next rate hike is expected to be another 50 basis points in September of 2022, with an expected final 6th increase before the end of the year. The Bank of Canada is expected to pause rate hikes throughout 2023.
  • For now, the central bank is trying to keep up with aggressive moves by the U.S. Federal Reserve, and attempting to cool down inflation.

Rating of 5/5 based on 2 votes.

Caitlin Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security.

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