The Bank of Canada's eighth rate hike in less than a year is coming at a tough time for many Albertans.
The central bank raised its overnight rate by 25 basis points Wednesday, moving its policy rate to 4.5 per cent.
The Office of the Superintendent of Bankruptcy says in Alberta, there was an 8.5 per cent year over year insolvency jump in November.Experts say the rising cost of living and increasing debt are the culprits. "So how are people bridging the gap? They're using credit, unfortunately, and that, as we all know, only turns into a downward spiral."
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