Jennifer Smith, a Toronto renter, articulated how the financial rule stating rent should not exceed 30% of income has become unmanageable, explaining, '30 per cent of [my] pay is only $966, but my rent is over $3,200, not including utilities.' This underscores the financial strain many face as they struggle to meet housing costs while managing everyday expenses.
Bank of Canada governor Tiff Macklem noted that the increase in borrowers carrying high credit card balances is concerning, stating, 'the share of borrowers without a mortgage who carry a credit card balance of at least 90 per cent of their credit limit has continued to climb.' This reflects a broader issue affecting Canadian renters.
Jennifer Smith voiced her frustration over rent costs while juggling other financial responsibilities, saying, 'I have to pay my regular interest payments per month, but then I have to pay additional money elsewhere just to attack the principal.' It highlights the challenge of living on a tight budget amidst rising living costs.
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