Rookie Bank of Canada Governor Mark Carney gave his first speech outside of Canada yesterday in New York and indicated that he is looking strongly at stalling his position on rate cutting due to pressures of inflation fueled by rising gas prices and food.  Now, where have we heard that before…right everywhere!

For the average Canadian who is over leveraged this is certainly akin to boarding up your windows to prepare for the hurricane.  Interest rates WILL rise in 2009 so get your debt down, under control, or at least re-organized such that you can fix it in and ride out the increasing rate train.  Taking out equity would be a great strategy because you can get nice low rates and payments and you can lock the rate in.

Rookie Bank of Canada Governor Mark Carney gave his first speech outside of Canada yesterday in New York and indicated that he is looking strongly at stalling his position on rate cutting due to pressures of inflation fueled by rising gas prices and food.  Now, where have we heard that before…right everywhere!

For the average Canadian who is over leveraged this is certainly akin to boarding up your windows to prepare for the hurricane.  Interest rates WILL rise in 2009 so get your debt down, under control, or at least re-organized such that you can fix it in and ride out the increasing rate train.  Taking out equity would be a great strategy because you can get nice low rates and payments and you can lock the rate in.