Millions of people are still paying off their mortgage and for many they are concerned about a potential interest rate hike and what this might mean for their finances going forward.

A previous survey found that about 60% of Canadians are worried about being able to pay debt if those rates increase, household debt in this country is higher than a variety of other advanced economies. It isn't only many around the U.S. who are concerned about this potential situation unfolding.

Searches for "interest rates" have doubled

Searches for interest rates have grown as more people go looking to understand what interest rates increasing might mean, if this will be coming, or why they are increasing etc.

The search demand has doubled since the beginning of the year already.

Inflation is causing a lot of strain on household budgets and the pain isn't over yet if those interest rates are to rise because that will make servicing that debt more difficult for millions.

One recent Gallup Survey shows that about 52% of Americans are worried about their standard of living.

Even more, about 63% are concerned that they are not going to have enough money to retire. The future isn't looking brighter for many as they try to anticipate what might be ahead for them. The job is also difficult for policy makers as well who are trying to balance rate hikes with continued inflation, attempting to avoid a bad recession if possible.

Recently, US mortgage interest rates reached a 12 year high, and they are also going to impact much more than housing alone when they change.