Rob Carrick Q & A

Yesterday The Globe and Mail Personal Finance Columnist Rob Carrick hosted a Q & A session, in which all interested participants were invited to ask questions on interest rates, personal debt, or anything to do with personal finance.  Rob has been writing about personal finance, business, and economics for nearly 20 years, and yesterday’s session was a chance for readers to gather his perspective on critical personal finance trends.

Several questions were in regards to mortgage payments and renewal periods, such as a question from user “Bruan” asking if at the end of his 5 year term, he should renegotiate for a 20 year amortization period or stick with his original 25 year plan.  Rob’s advice to Bruan was to clarify with his lender exactly how much he would pay under the shorter period before making any decisions – very sound and practical advice.

Rob was also asked about Canada’s interest rates and if there were any indicators to watch for as a sign to lock a rate in.  His answer was that interest rates are unlikely to rise in the short-term, but there would be no real indicators they would rise until after they do.  As such, he suggested locking in now.

There are several more questions asked and answered that are available to read by following this link:  http://www.theglobeandmail.com/globe-investor/investor-community/rob-carrick-takes-your-questions-on-interest-rates-and-debt-levels/article5991571/.

Are there questions you have that weren’t discussed in the Q & A?  Do you agree with Rob’s answers?  Post your comments about the discussion on our Facebook page – perhaps we can start a new discussion.