As I’ve discussed before, there are now three certainties in life: death, taxes and rising interest rates. So what do we know about interest rates?
We know that the Bank of Canada is going to try to keep interest rates steady until mid-2010, which seems far off. Except that 2010 has already crept up on us, leaving approximately six months to prepare ourselves for higher mortgage rates.
At this point, we have the luxury of knowledge of the financial future. Let’s use it. It’s important to put a plan in place so that you know how you’ll cope in your own personal situation.
The good news is that when interest rates finally rise, my “high-interest” saving account might actually pay a return higher than one per cent.
