March 19th, 2015 → 2:05 pm @ MacDev Financial Group| Stephen Devlin // No Comments
A recent report from The Bank of Montreol’s CEO was discussed and analyzed by Patrick Blais of Manulife Asset Management on Bnn.ca stating that the “depressed first-quarter results reflect the ‘impact of an unsettled environment’ marked by low oil prices, the low loonie, and low interest rate headwinds, all of which threaten to reshape the tried and true bank investment theme adored by Canadians.”
Now I don’t know about you, but if the Canadian banking system is starting to question itself and its stability that does not give me the greatest feeling of security when it comes to my money.
When it comes to low interest rates, they do have their advantages. You can get more bangs for your buck when it comes to purchasing large ticket items like homes or cars. But that can also lead to a dangerous false sense of security.
An article recently published CBCnews.ca reported that Canadians are carrying an all-time high when it comes to debt—for every dollar they earn they carry $1.63 of debt. The low interest rates have created an “I don’t care” attitude towards debt which can quickly turn ugly as interest rates start to rise again.
And it’s not just credit cards that are causing this debt crisis. Banks, the institutions that are supposed to be there for our security and future, are devising new and creative ways to lend money which can feel more than “iffy” at times.
Does this ring a bell to anyone? Need I remind you of the U.S.’s Great Recession that snowballed very much the same way?
I cannot emphasize enough the freedom that comes from eliminating debt and creating your own banking system. It is possible to not have to rely on the formal and inflated institution of banks. You wouldn’t entrust your money with a greedy cousin, why would you entrust it with a bank? After all, they said so themselves
For more information about how to break the chains from your bank and create your own using the Bank on Yourself system, call us today. We will help you cut up those credit cards and saw off those shackles of debt and give you the security you need to make your financial dreams come true.
Tags: CPA, Financial Advice, retirement advice, retirement information, Tax Advice, Tax Information, Tax Tips
