Mortgage borrowers should enter ‘risk-management mode’
Queen’s University business professor Louis Gagnon says this rise in interest rates by several Canadian banks means people should start looking ahead and be concerned about their financial future.
“It is time for mortgage borrowers to put themselves in risk-management mode. Interest rates have nowhere to go but up, which may have a big impact on mortgage payments when people renew,” Professor Gagnon says. “The best way to prepare for the future is to pay our debt, not go further into it. In these uncertain times, leverage is out and deleveraging is in.”
Professor Gagnon is a risk management business expert and helped develop risk-management methodologies and policies during his stint in senior management at the Royal Bank of Canada.
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