How the U.S recession can affect Canadian credit card holder?

I want to know how the American recession can affect a Canadian credit card holder with variable credit or fixed.

Also when is the best time to refinance school load debt?How the recession affect this?

How the U.S recession can affect Canadian credit card holder?

The Canadian banks hold US bonds, stocks and banks. If they lose money in US they usually try to make more money in Canada by raising interest rates and bank fees. They have to make high profits to keep thier shareholders happy. The Canadian interest rate are higher than US and Bank of Canada has cut prime rate by 0.25 while Federal Reserve has cut by over 2.0. The Canadians banks also do not face subprime mortgage crisis as in USA.

How the U.S recession can affect Canadian credit card holder?

Many Canadians will tell you that Canada is part of the United States. (I%26#039;ve heard this from my Canadian friends many times.) If the US has a recesssion it will impact Canada%26#039;s economy. The US is Canada%26#039;s biggest trading partner by far.

Also, the strong Canadian Dollar is going to hurt. For years American companies have moved to Canada because it is cheaper to do business there. Now, the Canadian Dollar is strong and these same businesses are considering going back to the US.

Good luck.

How the U.S recession can affect Canadian credit card holder?

no canadian in their right mind would say that canada is part of the us you boob....

yes, recession can affect interest rates.... even in the us.... basically, it is driving down interest rates, credit cards aren%26#039;t so much affected by all this, but refinancing debt would be, rates should be headed down soon... i%26#039;d wait for a bit