Financial Crisis - How to Protect Yourself

[Katie17ch]

I am surprised that you say to get into a variable interest rate. I always thought it was safest to get the lowest possible fixed rate for your mortgage. Doesn't a variable rate leave you at great risk?

Thanks,

JBD

[barbaragoldsmith]

Good question! The trouble with the fixed rate is that it ties you into a deal with the bank. This is ok if you don't decide you want to sell during that fixed rate - then you will pay massive penalties. If you have a variable rate - you are free to move and change - sometimes it is best to have that freedom in these volatile times. This is a big subject and really has to be decided on a case by case basis. Thanks!

[Katie17ch]

Thanks, Barbara, it doesn't work like that here in the US so we are lucky in that regard. It must be very scary with the variable rates for the other folks.

[Armando7654]

gold may be confiscated by the gov like it was in 30s. great advise! buy silver

canadian dollar? muhahahhhaa

[rikestard]

pay your debts!!! ahahahahahahahahahaha

[r2r2r2]

fail