How does an interest rate cut help a population that has decided its No. 1 financial priority is to buy toilet paper?Submitted by Neil Smith on March 16th, 2020
This is a great article written by Rob Carrick for the Globe and Mail.
First, how many of us have an emergency fund? One of the foundations of any financial plan is to have 6 months' income in your emergency fund. How many people know the Bank of Canada cut its benchmark lending rate of 0.5 of a percentage point? It will reduce interest on loans if you are buying something of value.
Remember, you don't need to use your emergency fund to buy goods to hoard. Instead, use your fund to pay your bills or purchase items to get the economy moving again.
Click on the link below and read Mr. Carrick's article. I would like to hear your comments.