On the world stage, Canada appears to be ahead of most other countries when it comes to having its fiscal house in order. Although we have not yet had to face the severe measures such as those in Europe, we must acknowledge that our own economy is not without its weaknesses. We see Ontario’s rising public debt and government-proposed cutbacks across the country. It is a time to be thoughtful about how we spend our hard-earned dollars and what action we are taking to reduce debt and get our finances in order. It’s important to think globally and act locally. What does that mean? It means to consider the bigger picture before deciding to take on huge personal debt. If you think a low-rate mortgage is affordable today, what will things look like five or ten years from now at renewal time? Will municipal taxes have increased? You can be certain that by then you will be paying much more for such necessities as hydro, gas and even groceries.
What would a jump in mortgage rate do to your bottom line then? And where would you stand if your company froze wages or started downsizing? Minimizing personal debt should become a priority enabling you to weather any storm and allowing you to continue uninterrupted with your wealth-building strategies. PACE Credit Union has always supported our members by helping educate and assist them in making critical life decisions such as debt management. On a corporate level we operate within a risk management framework that enables us to responsibly evaluate and control our fiscal house on a timely basis. Let us do the same for you to ensure your family finances can withstand difficult times. Our Personal Account Managers are experienced experts who will guide you through your debt management helping you to keep interest costs low and pay off your debt in a timely manner.
Larry Smith, President & CEO