Thursday, 27 October 2011

Canada is not in Control

Bank of Canada Govenor Mark Carney is holding overnight lending rates at 1 per cent and hinting they will likely stay there until 2013. He again points the blame at the rest of world stating he can't raise rates with the current economic problems in Europe, the fragile state of the U.S. economy and the volatility in the financial markets.

Canada's hands are tied.

Despite all our earnest efforts to stave off an economic slowdown and another recession,  it's staring us in the face. Canadians are in record debt. The best advice I have to anyone carrying a huge debt is to pay it off with a vengeance while money is cheap. Because when rates start to rise those monthly payment could become unmanageable. Read more on my latest blog on RateSupermarket.ca.

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