Cross Country Checkup

What does an interest rate hike mean in your life?

Canadians now owe roughly $1.70 for every $1 they earn, and according to some experts that's among the highest in the developed world. Tell us how the Bank of Canada's interest rate hike will affect you.

Canadians now owe roughly $1.70 for every $1 they earn

According to experts, Canadians are amongst the largest debt carriers in the developed world. (Elise Amendola/Associated Press)

Debt dilemma

It's the kind of news that can keep you lying awake at night.

This week, the Bank of Canada raised its benchmark interest rate again. It's now 1.75 per cent, the highest it's been in nearly a decade.

On the plus side, the economy is chugging right along. But rate hikes also mean debt is more expensive in Canada. And we are a country of borrowers swamped by debt, whether it's mortgages, personal loans, lines of credit, or credit cards.

Our question: What does a rate hike mean in your life? 

This week's episode is part of CBC News series we're calling Debt Nation, looking at the state of consumer debt in Canada.