For the last week or so, one of the hottest item in the finance section of Canadian news has to be this: Anticipation of Bank Of Canada announcing officially that the era of low interest rate is over!
Headlines read, for example :
Be prepared for Bank of Canada to raise interest rates
GDP is rising and the bank seems to feel it will continue to do so, despite weak oil prices and trade
uncertainty with the U.S. – Toronto Star
Interest rates are about to go up in Canada — no, for real this time
Bank of Canada may hike interest rate for 1st time in 7 years next week – CBC
It has been 7 years that the interest rate in Canada has been kept low. This has somewhat become the ‘new normal’ for many household.
Spending habits, risk tolerance have been mentally adjusted for the low interest rate to stay. Just look at the increase in debt load of the average Canadian will show that this mentality has settled in.
So, the more important and pressing issue is this – what happens when the Interest rate is raised.
The news networks have also touch on this issues:
House prices and debt loads a growing concern, Bank of Canada says
For you and me, who now has to shoulder the reality of higher interest rate, it means less money to take home and more to the bank. This amount can be considerable.
What if you can find a way to pay down debts faster? The faster you pay down means paying less to banks and borrowing institutions and more money in your pocket.
However, most of us feel the pinch of not being able to maintain the current standard of spending(living?). We want to keep the status quo for our lifestyle. For some, it is already cut to the bare bones just to survive. For some, job security can even be an continuous issue to content with.
What if you can pay down your debts faster – by doing what the banks do and not what the banks tell you to do? Yes, by turning the game on the banks.
Do you know that there are algorithms for strategic payment (amount and timing) that can work to your advantage without changing your current lifestyle?
Actually there is a system that can do that – and even more.
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