Carolyn Rogers: The Most Powerful Canadian You’ve Never Heard Of
Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, recently gave a speech titled, “Financial stability in times of uncertainty”. Leading an institution that can raise interest rates, means that the bank can affect everything from your mortgage to your credit cards, not to mention the entire economy. With interest rates rising to “tame” inflation, the bottom line is that mortgage costs for some Canadians have already increased. Executive Director of Consolidated Credit Counseling Services of Canada, Jeffrey Schwartz, reacts to that and more.
Do you know this woman? You should. But she’s not a politician. Or a musician. Or an actor. Or a sports star. Her name is Carolyn Rogers, and she might just be the most powerful Canadian you’ve never heard of.
Carolyn is senior deputy governor of the Bank of Canada. The Bank of Canada is the nation’s central bank, and it sets monetary policy for the entire country. Carolyn Rogers leads that central bank, and she recently gave a very interesting and very passionate speech. Well, passionate for a banker.
Her speech was titled, “Financial stability in times of uncertainty.”
Now, it’s important to know that Rogers leads an institution that can raise interest rates, which means the bank can affect everything from your mortgage to your credit cards, not to mention the entire economy.
The Bank of Canada has been raising interest rates to, in Rogers words, “tame inflation.” But there’s a serious downside.
Rogers acknowledged that when she said, “The bottom line is that mortgage costs for some Canadians have already increased, and they will likely increase for others in time, making home ownership more expensive.”
While Rogers says this is necessary, she also said, “This is not to minimize the very real hardship that some are feeling.”
So why am I telling you about a woman you don’t know? Simple. She’s an expert on money, and she’s warning you that things might get worse before they get better. Listen to her. The worst thing you can do right now to survive rising inflation and higher interest rates is…nothing. Now is the time to act. You need to pay down the debts you owe, so when the economy comes roaring back, you can roar with it. It sounds counter-intuitive, but now is the best time to pay down debt – before those rising interest rates gobble up all your cash. Consolidated Credit can help you.