Borrowing money can be a good thing

Staff writer
March 7, 2014 01:00 AM


Many homeowners have mortgages on their homes at what would be considered to be a very favourable interest rate if compared to interest rates on credit cards, car loans, personal loans and overdrafts, would you not agree? (Compare 3.5 per cent mortgage money to the 19 per cent interest on some credit cards.)

Whereas many people are lucky enough to have some reserve money in the bank, they don't necessarily apply it against their mortgage, which they would consider being cheap money, but rather they invest it elsewhere where they can generate a greater return and then use that return to pay down their mortgage and other debt, wouldn't you agree?

Further to this, imagine your bank coming to you and saying, "If you give us your mortgage business then we are going to deposit $10,000 into your account for giving us your business."

Remind you of anything? It does me. The District can borrow $7.4 million at a preferred rate of interest, keep money in the District reserves and be given a one million dollar grant in the process. Sounds like a no brainer to me! Let not the disgruntled ones "cut off their nose to spite their face" just to send a message to council, but rather they should put their grievances aside and do what's best for the community as a whole. They can resume their positions after the referendum if they feel so inclined, but please don't mess it up for those of us who truly care about the future of our community.

Carolyn Minchin, Sechelt

© Copyright 2015 Coast Reporter


NOTE: To post a comment you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Google+ You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Coast Reporter welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

comments powered by Disqus
Coast Reporter

Email to a Friend



Should BC Ferries be returned to a Crown corporation?

or  view results

click here to read the editorial

Popular Coast Reporter

Community Event Calendar

Find out what's happening in your community and submit your own local events.