The Globe and Mail reports in its Tuesday edition that the main issue in personal finance today is the high cost of living. The Globe's Rob Carrick writes that it is uncertain whether lower interest rates will effectively address this problem. The Bank of Canada may cut its overnight rate due to the struggling economy, possibly on Wednesday or later in the fall. Potential risks if rates keep falling include higher home prices, frothier stock markets and maybe even higher inflation. Pressure for rate cuts is growing as a result of an economy that seems to be getting worse month by month. A big part of the story of why people are so unhappy about the cost of living is the unaffordability of housing for many people, particularly in big cities. Mr. Carrick says if you want to make housing less affordable, lower rates are the way to go. A better way to go is to build the economy, as Prime Minister Mark Carney plans to do in his upcoming budget. More growth can lead to higher wages and improved living standards. If interest rates do fall this week, people with lines of credit and variable-rate mortgages will undoubtedly benefit. However, the overall impact on today's top problem in personal finance will probably be negative.