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<0 H h 'H O CM o' CM IM M W M M ' HameStars HomeStaj It's official... Bank of Canada has finally boosted interest rates t is official. The m ost anticipated increase in interest rates has finally occurred. Last w eek for the first time in seven years the Bank of Canada increased its overnight interest rate from half o f one per cent to three-quarters of one per cent. This is significant to all of us because in terest rates rise and fall based on the Bank of Canada overnight interest rates. W ithin an hour of the announcem ent, one of Canada' s Big 5 banks increased their prime rate a quarter of a percent, and the others quickly followed. In sim ple terms, it is going to cost us more to borrow money. Mortgage rates will increase and lines of credit w ill becom e more expensive. There is speculation that this is ju st the beginning. Many think interest rates w ill continue to rise. The future of interest rates lies w ith the Canadian economy. As things stand now, inflation is under control. If the Canadian econom y begins to over heat then interest rates will be increased to slow dow n that excessive growth. We can only guess what will happen to in- TD C f) I CL 111 m LU Dollars & Sense Peter W atson Guest Contributor < o q o £ H o m e S ta rs d ±± CD JZ CD o q '(f) TILES B u r lin g to n P o s t R e a d e r s ' C h o ic e W in n e r 1 5 Y rs. in a R o w terest rates in the future. W hat we do know is if interest rates con tinue to rise it will result in hardship for those Canadians w ho have overextended themselves. The past era of low interest rates has re sulted in m any of us having a false sense of security. We have borrowed m oney in record num bers thinking that interest rates will remain low. N ow we find ourselves w ith too m uch debt and if interest rates rise any further see If on p.17 PHONE: 905-337-3117 OR TEXT: 905-580-3345 w w w .a m a z in g r e s u lt s .c a G REAT W AYS TO SAVE ...for your travel adventures 16 MONTH TERM DEPOSIT 2 00 . % 3 0 MONTH TERM DEPOSIT 2 10 . % C o n d itio n s apply. R ates are s u b je c t to change. *R ates a p p ly to re g is te re d and n o n -re g is te re d p ro d u c ts . F irs tO n ta rio C R E D I T U N I O N o r c a ll u s a t 1 - 8 0 0 - 6 1 6 - 8 8 7 8 f W B3V is it u s a t w w w .F ir s tO n ta r io .c o m