Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.
The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend as needed. Many successful investors have been doing this for decades. Borrowing to invest makes smart financial success. Don’t let anyone tell you differently.
We’re seeing more reasons for Canadians to get a secured line of credit now: Age; Income; and Qualification.
If you’re 50 or older and have a mortgage coming due, or maybe you have no mortgage, you should strongly consider getting a secured line of credit instead of just renewing your mortgage.
If you’re retiring, opting for a reduced work schedule or anticipating a reduction in your income for any reason, please act now!
If you don’t think this applies to you, guess again. The new mortgage rules have made it much tougher to qualify…