Is the crisis affecting your borrowing?

[trent]

Is this crisis affecting your borrowing? Have you cut your borrowing and are you trying to repay debt faster now?

[Canadian]

I've always tried to be debt free, and this hasn't changed a bit. The only difference is that now I can say to my indebted peers "I told you so" .

[Steven]

I've stopped borrowing, and I'm focusing on repaying my debt as fast as I can.

[Canadian]

Originally Posted by Steven

I've stopped borrowing, and I'm focusing on repaying my debt as fast as I can.

That's what I would do if I had any debts.

[trent]

It looks like many fools are borrowing cheap money, hoping that the current super-low interest rates will last forever and will help inflate their over-leveraged property purchases even further. The rates will increase very soon, with all this crazy government borrowing, and even if they manage to suppress them for another year the real estate will be in the tank well before that (if you don't believe me look at the Japan's leading experience with artificially low interest rates).

[bullish]

Originally Posted by trent

It looks like many fools are borrowing cheap money, hoping that the current super-low interest rates will last forever and will help inflate their over-leveraged property purchases even further. The rates will increase very soon, with all this crazy government borrowing, and even if they manage to suppress them for another year the real estate will be in the tank well before that (if you don't believe me look at the Japan's leading experience with artificially low interest rates).

The rates will be low for years, and if you are hoping that with such low rates real estate will stop surging you are plainly naive.

[MollyGroove]

I've always tried to repay debt ASAP, but we've actually borrowed more this year than last. NOT saying that we went crazy with it or anything, but before the recession hit, we were in a pretty bad position. That is not the case now. This past year has been pretty good to us, despite the recession.

[Steven]

Originally Posted by MollyGroove

I've always tried to repay debt ASAP, but we've actually borrowed more this year than last. NOT saying that we went crazy with it or anything, but before the recession hit, we were in a pretty bad position. That is not the case now. This past year has been pretty good to us, despite the recession.

I guess borrowing more is OK if your financial situation is better and if your income is secure. My income is about the same as last year, however the feeling of a job security is gone