The key interest rate has been raised by the Bank of Canada.
When the interest rate goes up it means those who borrow money will have to pay more, whereas those who are saving money will be happy.
The rates get increased because the bank of Canada worries about inflation.
President of Sunrise Credit Union, Tim Klassen’s advice is to plan ahead if you know you have a loan or mortgage that will need to be renewed soon.
CEO of Fusion Credit Union, Ron Hedley’s advice is to control your debt or try to lower it.
Fusion Credit Union won't look at making changes until sometime next week.
