Low Interest Rates Good Reason to Lower Debt

Low Interest Rates Good Reason to Lower Debt

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Low Interest Rates Good Reason to Lower Debt

In a press release on February 6, 2015 Lucie Tedesco Commissioner Financial Consumer Agency of Canada stated that just because interest rates have gone down, referring to the recent Bank of Canada decision to lower the overnight rate, does not mean that Canadians “should take on more debt.” In fact the low interest rates good reason to lower debt.

 

Low Interest Rates Good Reason to Lower Debt
picture courtesy of the Financial Post

To many mortgagers (owing money borrowed on real estate) or those with loans whose payments are calculated based on the Prime rate, which in turn is calculated on the Bank of Canada’s overnight rate, low interest rates can be a double edged sword. Especially if you can’t control your spending; however if you are able to curve your appetite for borrowing, then for you low interest rates good reason to lower debt as you can pay more towards your principal and less towards interest payments.

Commissioner Tedesco went on to say that “Canadians should look at this low interest-rate environment as an opportunity to pay debt down, rather than to accumulate more, even for a larger house, a newer car or a winter vacation.” We should be realistic and be ready for when interest rates will increase.

For its part the Financial Consumer Agency of Canada has developed tools and resources to assist the consumer with managing their debt obligations and can be found at “How to Beat that Debt.”

To read the full press release from Lucie Tedesco Commissioner Financial Consumer Agency of Canada click here.

Trusterra Mortgage is here to help. If you currently have a mortgage and are considering to consolidate your debt, or want to get the lower interest rates that are available currently, contact us to see what options are available for you and we’ll assess your current financial situation to see whether it is worth it for you to break your mortgage to refinance it or not.

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How to Protect Yourself from Financial Fraud

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How to protect yourself from financial fraud

 

You can easily learn how to protect yourself from financial fraud. The first thing to remember and accept is financial fraud can happen to anyone and you need to take the necessary steps and measures to protect yourself from financial fraud.

In learning how to protect yourself from financial fraud you need to first recognize in what forms fraudulent activities come in; such as emails, phone messages, web sites, SMS, from a stranger, lottery, survey call, or even from a friend.

In this video prepared by the Financial Consumer Agency of Canada, whose  mission is to empower Canadian financial consumers and promoting responsible financial market conduct, we learn the types of fraud, tips to avoid scams and what fraud victims should do.

how to protect yourself from financial fraud

 

If you feel that you have been a victim of fraud contact your local law enforcement agency immediately. You can also visit the Financial Consumer Agency of Canada’s web site for more tools and resources to help you.

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Dealing with Debt

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Dealing with Debt

A great video from the Financial Consumer Agency of Canada #FCACan about dealing with debt. They suggest to “borrow only what you can afford to pay back.” In this video they show teach you to “learn the true cost of debt, debt danger signs and ways to manage and eliminate debt.”

 

dealing with debt

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