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The Threat of 10% Higher Payments

Here’s a stat that’s got debt and housing critics talking: Almost 3 in 4 homeowners say they’d suffer “financial difficulty” if their mortgage payment rose by 10%. This warning comes from a new Manulife Bank survey released today. This number is likely inflated by the fact thatsome survey respondents can’t accurately quantify what a 10% payment hikewould do to their...

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