Quote:
Originally Posted by bizaro86
I think if there is outrage directed at anyone it could reasonably directed at the BoC which promised to leave rates low for years.
It's not totally unreasonable for consumers to accept an interest rate forecast when that forecast comes from the people in charge of setting interest rates.
All that said, that letter from RBC is completely reasonable. If they switched the payments without notification people would be upset about that, and it definitely isn't their fault interest rates are going up (although they could give back the margin to prime they added on the way down...)
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No doubt Tiff is an idiot. Maybe that will be a lesson to some that you can't believe what the government, or some quasi-government intuition says in the future.
People threw caution to the wind years ago piling on debt. This is an important lesson that we need to leave ourselves some financial wiggle room in our decisions. Some people who went through this in the 80s have been saying it forever, but others didnt want to hear it.