The number of young Canadians to reach out to CCS has climbed seven per cent since 2023. Photo by Getty Images/iStockphoto

The Bank of Canada ‘s benchmark interest rate has remained at 2.75 per cent since March 12, but the stability hasn’t given young Canadians much relief when it comes to their bills.

Canadians aged 18–34 are taking drastic measures to make ends meet, including high-interest short-term loans when other strategies fail, according to a recent report from the Credit Counselling Society (CCS).

“A steady interest rate doesn’t undo years of financial strain,” CCS chief executive Peta Wales said in a news release. “Many young Canadians are already deep in debt. They’re borrowing small amounts just to cover essentials, and over time, those borrowing decisions stack up.

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