Debt Part 4 - Interest rates are going up!Submitted by Helkie Financial & Insurance Services Inc. on July 15th, 2018
We're 100% sure interest rates are going up at some point. And they have gone up 2% in the last year. No one can say they didn’t know! If you didn’t until you read this blog then you do now. If you know that the same dollar you borrow today is guaranteed to be more expensive to pay back in the future, why wouldn’t pay it back now? Or as fast as you can. It's that simple. Get your debt under control because it's going to get more expensive in the near future. That's a fact.
I often get asked for the “secrets to financial success” like there is some great big secret to financial security. There aren’t any secrets because it's simple math. It's really about the decision each of us makes each day on how to manage our bank account. It isn’t complicated. It’s math! You and your behaviour are what impact your financial health.
Here are my three tried and true key behaviours for personal financial wellbeing:
- Don’t spend more than you make.
- Save for yourself first.
- Pay down debt as fast as you can.
Please don't give me the excuse: “What if I get hit by a bus tomorrow?” I'll just say "what if you don’t?”
Knowing is power!