by Global News

Canadian consumers shouldn't see interest rate cut as a reason to borrow more money.Is the Bank of Canada’s surprise decision to cut its trend-setting interest rate a ripe chance for borrowers to get a grip on what they owe, or a tempting offer to plunge them further into debt?

Experts say both. How you navigate a lending environment where interest rates are about to get even cheaper will determine whether you’re putting yourself on sounder financial footing, or closer to the ledge.

“We look at this as a positive for consumers, an opportunity to get their financial house in order,” Scott Hannah, the president of Credit Counselling Society, a non-profit agency, said. “If it’s used properly.” (Read more . . .)