This is a great question and the answer is not always simple because there is “good,” and “bad,” debt.
If the interest rate is low, and the term and amortization are agreeable, then a mortgage is a great example of “good” debt. On the other hand, buying new furniture to go with the new house on a “Don’t Pay a Cent Event” program with double digit interest rates, is an example of a bad, expensive debt.
At Spire Advisors of Assante Capital Management Ltd., we help our clients navigate these types of decisions. Sometimes paying down debt in order to build wealth makes sense too – and oftentimes, it is a combination of both.
This is why we get to know each individual, as well as the complexity of their circumstances.
To discover the best possible solution for you, reach out to one of our advisors today: www.spireadvisors.ca
Office Locations: Huntsville, Powassan, Orillia, Parry Sound, and North Bay
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