Canadians paid $9 billion more in interest charges in 2017 than in 2016
Many experts predict another increase could arrive as early as next month
More interest rate hikes on the horizon for Canada
Private economists expect the next interest rate hike to occur at the September meeting
Rising interest rates will boost debt payments for highly indebted households, which make up 12% of all Canadian households
Half of respondents in debt said they are stressed about their level of indebtedness
The ECB left its key rates and monetary stimulus settings unchanged at a meeting Thursday
The increase will raise the cost of borrowing for clients with variable rate mortgages and lines of credit
Central bank predicts economic resilience despite trade risks
Hiking the rate now would give the central bank more flexibility to lower it down the road if trade developments worsen