Lisa Upshaw Mortgages

Bank of Canada Announcement - January 22, 2020

This is my first opportunity to wish you a very Happy New Year! May it be a year filled with happiness, excitement and, of course, financial success!
If one of your New Year’s Resolutions was to get back on track with your financial goals, now is a perfect time. This is the first of many announcements this year about potential interest rate changes that could impact your current AND future borrowing plans. 
My New Year’s Resolution is to help ensure that the impact of any interest rate changes to you is minimal. I am here to provide you with strategies to ensure more of your hard-earned cash stays in YOUR pockets and doesn’t line someone else’s!
As you know, your variable rate mortgage, line of credit and/or student loans are all based on the Prime Rate and here is your personal update from me on the recent Bank of Canada announcement. The Bank of Canada has maintained their Overnight Rate.

The outlook isn’t looking as rosy for the Canadian or Global economy as we previously expected, so even though there were a few rate increases in 2018, it is predicted that rates will remain fairly steady for the next few months.

Tips to Get Back on Track After the Holiday Spending
With the holiday season over and December credit card bills rolling in, now might be a great time to set your New Years Resolution to consolidate debt and perhaps reduce spending! It is an unfortunate reality that Canadians are suffering from mountains of debt. It's important to note these statistics from Manulife:

  • As many as 40% of Canadians say they are living beyond their means.
  • Only 12% of respondents noted that their income was increasing faster than their debt.

So what are your options?
Where do you go from here? 
Are you paying off your credit cards every month?
Or are they piling and piling and piling? 
The reality is a good chunk of the people who read this email need our help, so what are your potential options? 

  • Start with a Budget. It’s that 6 letter word that is very difficult – no doubt about it!  The number one tool to reducing debt is to be strict with a budget. We live in a society of #FOMO (Fear of Missing Out) and #YOLO (You Only Live Once), but the reality is this mindset is not helping your debt reality. Set your budget, be realistic and live within your means. 
  • Prioritize Debt Repayment. Be open & honest about it! Sometimes when our debt mountain seems insurmountable, you can't even imagine where to start or figure out how to work your way out it. Creating a plan and getting advice from professionals like myself can make the debt load more realistic to tackle.
  • Work to grow your emergency fund. Even if you are in a good circumstance and financial situation, it is often the unexpected that throws everything off kilter. When we don't have that back up nest egg and are forced to borrow money to pay for unexpected costs or life changes it can really set us back. 
  • Consider consolidation. Have a consultation with me – make an informed decision if consolidating your debt into your mortgage makes sense for you and your family. Since your mortgage interest rates are much lower than credit card rates and other unsecured rates, this might be a great option to help you get on top of that debt mountain. 

The main point here is: To get started and be disciplined not to go right back to acquiring more debt! It is about changing your habits as well.  
Final Comments

  • Reach Out. Don’t go it alone. If you are concerned about your debt load and want more advice and support, please do not hesitate to reach out for a pro bono consultation to see what your options might be. 

Weighing all of these factors, the Bank continues to remain cautious about the global economy and the effect this could have on the Canadian economy. The growth in the economy was weaker than they predicted in October and as such they are concerned about consumer confidence right now. Based on this we predict that rates will remain stable in the near future. 
When it comes to reaching out, please let your friends and family that I’m here to listen and offer a free consultation. I can help with some budgeting, credit counselling and debt consolidation options for them.  Feel free to pass on my contact information to them – this is very much appreciated. No one should struggle financially if it can be avoided.
I’ll be in touch again for the next announcement on March 4th, 2020.

Yours truly,


Why Bother with Financial Resolutions?

It's really easy as we ring in the new year to set out resolutions. What do we usually do - we think them and then we forget them. We might attempt to achieve them in the first month or two, but reality hits and live moves on and the resolution dissolves.

The article from gives us Five Resolutions to Make 2020 our Richest Year. Problem is, you know as well as I do, that we most likely stick to the resolutions.  

So let's make two simple agreements with ourselves:

Improve your financial literacy & consolidate debt - Let's agree that you will give me a call if you have a mortgage or debt and would like to review what we can do to manage it and what all terms mean.

Start actively saving - Review your monthly expenses especially automatic billings on your credit cards or pre-authorized withdrawals from your bank account. Consider if you really need these? If you eliminate an expense, consider making an automatic transfer from your chequing account to a savings account. If you didn't mind paying, then you won't mind saving it!  

There are many ways to consolidate debt and to save money. So rather than set an unrealistic resolution, set a realistic approach and make 2020 your richest year yet!

~ Lisa

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