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1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in
Financial conditions are becoming more restrictive as Canada’s economy is contracting at an abnormally rapid rate. The recession is currently almost inevitable, according to Oxford Economics, a worldwide macro research business based on their recession index. Given that the central bank cannot count on lower rates because of strong inflation, it is also unlikely to be temporary. The possibility of a financial catastrophe is no longer discounted even if they do not currently anticipate one.
Tony Stillo, the director of economics at the firm said in a statement – “Our new Canada Financial Conditions Index (FCI) shows a sharp, broad-based worsening of financial conditions and is yet another worrying sign that the economy is on the cusp of recession.” The business claims that Canada’s economic warning signs are flashing a code red.
The indicator has a history of spotting economic downturns, especially in 2007, before the Great Recession, when it rose sharply. It also showed that the impending stress will be more severe than initially anticipated at the start of the pandemic in March 2020. A recession is imminent and it won’t be a minor one, as evidenced by the tightening of financial conditions in 2021.
Rate reductions are not an option at this time, despite what many people anticipate the erosion to mean. Stillo also said that – “Such a noteworthy tightening of financial conditions might normally give the Bank of Canada (BoC) reason to pause its most aggressive rate tightening campaign in decades. But the BoC is steadfast on quelling inflation and preventing a wage-price spiral, meaning we don’t think a dovish pivot is likely.”
The economy would suffer greatly from a spiraling wage-price relationship. Usually, price rises for goods and services follow wage increases. That ought to make sense given that those who generate goods depend on their income to maintain their way of life.
At the moment, inflation is escalating at shockingly high rates, which is catastrophic for those who work for a living. To accommodate for this, either prices must drop or salaries must rise. Inflation would rise as more wage growth would be needed than what prices could support. That would result in further price increases, which would call for even greater price increases, and so on. You can see that it “spirals” upward. In this circumstance, a recession will inevitably occur; it will just take a little longer and result in greater systemic issues. The alternative scenario, which is what central banks would want to happen, is that some inflation slows down. An economic slowdown that is not as severe as a systematic crisis looks like a reasonable middle ground.
In light of these predictions and the weakening economy, the firm is still anticipating higher rates and tighter financial conditions. Another 50 basis point increase to the overnight rate in October is presently assumed, which would be the highest since 2008. The company warns that this is a very restrictive territory, especially because quantitative tightening will cause its balance sheet to contract by 5% of Canada’s GDP by 2025.
“Tighter financial conditions are worrisome given the Canadian economy’s extremely elevated household debt levels and heavy reliance on the housing sector – which is already in recession. We still view a financial crisis as highly unlikely, but it cannot be ruled out,” warns Stillo.
Interest on credit cards and loans costs more when interest rates are higher. This makes people less likely to borrow money and spend it. Existing debtors will have less money available because they must pay more in interest. After all, prices are likely to be high despite a reduction in inflation. Continue monitoring cash inflows and outflows and our free debt calculator will give you an idea of the true cost of your debt and help you understand how much all that interest may add up to.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
Proud to support financial literacy education
Get a free savings estimate today. There is no obligation.
Free Debt Consolidation
No contact details required to find out if you qualify
Know more about us and what we can do by clicking on the button below…
1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in
Ever felt that you are out of options or helpless about all these debts chasing you? We got you!
Our team of debt specialists will not only help you manage your debts (Credit Card Debts, Personal Loans, Car Loans, Taxes, HST, 407, Household Bills, Payday Loans) but also reduce it up to 75% for easier and faster repayments into one single monthly payment.
We are a team of expert debt specialists that provide FREE CONSULTATION to our clients.
No Risks. No Upfront Fees. No Haggles. No Interests.
Never miss this opportunity and choose our Ontario Government-Approved Debt Relief Program as your debt relief option. Stop all your debt worries, sleepless nights, harassing phone calls and take advantage of the benefits you can get from our Ontario Debt Relief Program.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
Proud to support financial literacy education
Get a free savings estimate today. There is no obligation.
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