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The Bank of Canada interest rate won’t be changing for the rest of 2018.

On December 5, 2018, the Bank of Canada (BOC) announced the overnight interest rate would be staying at 1.75% for the time being. The 1.75% rate came into effect on October 24, 2018.

Factors in the BOC decision included:

  • Oil price uncertainty.
  • Trade conflicts.
  • Less business investment.
  • Monitoring of household credit and regional housing markets.

To the latter, the BOC stated in its release, “Household credit and regional housing markets appear to be stabilizing following a significant slowdown in recent quarters. The Bank continues to monitor the impact on both builders and buyers of tighter mortgage rules, regional housing policy changes, and higher interest rates.”

This is good news for those dealing with debt. It means more time to pay bills before interest rates increase again. However, not too much time; the next BOC announcement is scheduled for January 9, 2019.

The month of December is a notorious time of year for debt. Holiday purchases, shopping discounts — like Black Friday and Boxing Day — and increased travel make it easy to spend more and worry about paying for it later.

But doing so could hurt your financial future, especially if interest rates increase again as they’re expected to do in 2019.

Take this reprieve to deal with debt now.

This might mean:

  • Honestly assessing what you are spending this holiday season and how much has been charged to credit cards. Make a plan to pay off your balance in full by the statement due date.
  • Looking at your overall debt levels. The New Year is the perfect time to take stock and resolve to get your finances under control.
  • Considering financial solutions, like debt consolidation options, filing for a Consumer Proposal, or filing for Bankruptcy.

Fuller Landau Debt Solutions can help make a plan for your finances before interest rates rise again. Our consultations are completely confidential, and the first meeting is free.

Don’t wait until after the holidays. Contact us today. Call (416) 927-7200 or visit

About Post Author

Tim Geary

Tim Geary leads the charge at Fuller Landau Debt Solutions. He joined the Fuller Landau consumer insolvency team after spending 25 years as a sole practitioner at the highly respected firm, Geary and Company, Ltd.Tim’s friendly and personalized approach to client service has earned him a consistent 5-star Google rating.

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