Quote:
Originally Posted by chemgear
From the numbers I've seen, roughly a quarter or a third of half of Canadians carry a credit card balance.
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That to me seems insane. It's one thing to carry debt, but I can't/don't believe there's no way a large percentage of those can't consolidate to an LOC or some other loan vehicle.
Quote:
Originally Posted by squiggs96
So mortgage money is the cheapest it's been in 4 years, and you want people to keep the payment the same? I don't get it. Why not lower your payments and use this money to invest?
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I've mentioned this in other threads on the topic, but I'm not reducing my payments with rates being lower and am actually looking at increasing my lump sum payments. For me it's piece of mind. I'd rather hammer away at it now near the front end of the mortgage, so if rates are 10% next time I renew, it doesn't affect me as much because I've been hammering away at the principle while rates are low.
Reducing debt is a guarantee. While it's possible or even likely I can make/beat the interest I'm paying on a decent investment, it's not a guarantee.
Does it make the most financial sense? No, and I understand over the long run I will likely be further behind.
Do I sleep a lot easier at night? Yup.