Dan Albas MP
  • Home
  • MP Report
  • About Dan
  • What Seniors Need To Know
  • Contact
  • Constituency Services
  • Dan in Ottawa
  • Disclosure
  • Videos
  • Home
  • MP Report
  • About Dan
  • What Seniors Need To Know
  • Contact
  • Constituency Services
  • Dan in Ottawa
  • Disclosure
  • Videos

MP Report

Supporting Ukraine

3/2/2022

0 Comments

 
Picture
​When I wrote my report last week Putin’s invasion of the Ukraine had not yet begun.

One week later and we are now bearing witness to the atrocities of war due to the actions of the Russian President.

Over the past seven days we have also witnessed the incredible bravery of a proud Ukrainian nation determined to fight for their homeland that has inspired the free world to come together in response to this brutal invasion.

With sanctions growing by the day and more nations joining in to stand with Ukraine, the financial impacts are now beginning to show an impact in Russia.

In Ottawa there has been widespread support among all the parties behind the government to take increased action against the Putin regime.

From my own perspective I believe the Prime Minister and the Deputy Prime Minister have been doing an effective job given that one country, such as Canada, can only do so much to impact a country like Russia that we have limited trade with.

I will continue to support the government in taking actions against Russian and standing with the Ukraine as it fights off this Putin provoked military invasion.

While I am writing this week's report, the Bank of Canada has announced that the key interest rate is being increased to 0.5%.

This is potentially the first interest rate increase with more to follow.

To some this will be of little concern, however I am already hearing from others who are very concerned.

Why?

In November of 2021, the consumer credit rating agency Equifax reported that "Increasing credit activity in tandem with mortgage growth has pushed the overall consumer debt up to $2.2 trillion, an increase of 7.8 % in Q3 2021 when compared to Q3 2020.”

It was also reported that "average consumer debt (excluding mortgages) is now $20,739" 

For consumers who have variable rate mortgages, a line of credit or credit card debt increased interest payments mean there is less money remaining in the household budget after making your monthly or bi-weekly payments.

Worse, this comes at a time when many household budgets are already stretched coping with increased costs on groceries, gasoline, utilities, taxes, insurance other inflationary pressures.

As others have noticed, net take home pay was also decreased in January of 2022 on account of larger payroll deductions from increased CPP deductions.

My question this week relates to the increase in interest rates:

Is this a concern to your household budget?

​I can be reached at Dan.Albas@parl.gc.ca or call toll free 1-800-665-8711.
0 Comments



Leave a Reply.

    Subscribe to the MP Report

    Sign up now to get Dan's weekly MP report emailed directly to you! 
    OR
    Sign up now to get a monthly MP Report mailed directly to your home.
    Subscribe Here

    Author

    Dan Albas is the Member of Parliament  for the riding of Central Okanagan-Similkameen-Nicola.
    ​
    Communicating with his constituents is one of his top priorities. Dan writes a new MP Report each week.

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    July 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011
    September 2011
    August 2011
    July 2011
    June 2011

    Categories

    All

    RSS Feed

​Dan Albas is the proud Member of Parliament for 
Central Okanagan – Similkameen – Nicola
Subscribe to Dan's MP Report
Contact Dan
Photos used under Creative Commons from comedy_nose, bulliver, FutUndBeidl, scazon, Asian Carp Regional Coordinating Committee, Chris Lancaster, Jamie In Bytown, mikecogh, couloir