In the last 48 hours I’ve received two interesting pieces of mail. Yesterday, I got a letter from one of my credit card providers stating they’ll be clawing back the cash back reward percentage from 1% to 0.5%. I don’t expect you to do the math but that will halve the amount of cash I get back from using that card.
Today, I opened my mailbox to find that my mortgage is going up because of the recent interest rate hike from the Bank of Canada. This was not unexpected as the rate hike happened a few weeks ago. It still doesn’t change the fact that I’ll be paying more per month to keep my home.
So, in short, I’ll be earning less and paying more. Isn’t that the case with the majority of the world now?