Quote:
Originally Posted by Mr.Coffee
Years of 2% interest rates meant that owning your home made less sense than borrowing money and investing it, or using extra money to invest rather than pay down mortgages. There have been countless posts on this very website and it was definitely conventional wisdom. So to now point at people, 1 year into escalated interest rates, and finger wave (not saying you’re doing this) at people who have large mortgage balances feels a bit off to me. Feels a bit hindsighty. I think we are going to see debt loads start to get paid down dramatically over the next 3 years by many Canadians.
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I spent years working against that "conventional wisdom" and even though that may have been a logical thing to do, I didn't do it. I wanted to pay off my mortgage instead, even if that meant driving an old vehicle around that doesn't have Apple Carplay and vented seats. Well I did, and these high interest rates mean good returns on savings and not having them negatively affect me. So maybe "conventional wisdom" doesn't always trump gut instinct. And maybe people should take responsibilities for their own decisions.
This isn't too be smug against those who have real affordability issues through no fault of their own. Just that your decisions are yours, and many many people made a lot of poor financial decisions over the past decade. To say "they were told to" by people who's careers depend on them saying these things for business, welll...