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The latest Bank of Canada rate cut will drive these five personal finance trends in 2025

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A Donald Trump presidency could do some damage to your finances next year and beyond. Already, Mr. Trump's threat of 25-per-cent tariffs on Canadian and Mexican goods has contributed to a weaker Canadian dollar and stalled declines for mortgage rates.
The Bank of Canada's recent interest rate cut, lowering the key rate to 4.75%, has significant implications for personal finance in Canada. This adjustment, the first since March 2020, aims to stimulate economic activity by making borrowing cheaper. Here are five key impacts:

    Mortgages: Variable-rate mortgage holders will see immediate reductions in their monthly payments, while fixed-rate mortgage holders might benefit from lower rates when renewing or refinancing.
    Savings Accounts: The interest rates on savings accounts are expected to decrease, reducing the returns for savers.
    Credit Cards: Although credit card rates might not drop immediately, over time, they could decrease, potentially reducing the cost of carrying a balance.
    Investments: Lower interest rates could boost stock market investments as borrowing costs for companies decrease, potentially increasing stock valuations. However, bond yields might fall, affecting fixed-income investments.
    Debt Management: With lower rates, it becomes an opportune time for individuals to consolidate high-interest debts into lower-rate loans, easing financial strain.
This rate cut reflects the Bank of Canada's strategy to manage inflation while supporting economic growth, influencing various aspects of personal finance.

Read the Full The Globe and Mail Article at:
[ https://www.theglobeandmail.com/investing/personal-finance/article-the-latest-bank-of-canada-rate-cut-will-drive-these-five-personal/ ]