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How the Credit Crisis Effects Canadians
Posted on December 17, 2007 at 2:14 pm
Filed Under Financial Markets, Financial Planning
Garry Marr and Jonathan Chevreau teamed up to write an interesting article on how Canadians will be effected by the global credit crunch.
Although I don’t agree with everything they said, I can’t help but feel that this is a great article for any Canadian to read. Throughout the article, Marr and Chevreau answer the question “How does the credit crunch effect me?” but get specific to such topics as your mortgage, the value of your home, a new car, your mutual funds, your pension, your credit or loan, and your savings.
Your Take-Away: Knowledge is power. Period. Some of us feel invinceable and aren’t worried about the credit crunch, and to some, that is okay. My suggestion is to stay abreast of what is happening in the markets, both domestic and foreign. There is no way to know 100% what the future holds for us as Canadians, but at the end of the day, the more you know the more opportunity you have to come to your own conclusion.
My conclusion is that we will continue to see somewhat of a down turn moving into 2008, but I am confident that by the end of 2008 we will be back in the black overall. TD Waterhouse released a report saying that 2008 will be the 6th straight year that we see the markets perform well overall. At least that’s something positive to hold on too!
Until next time, have a Magnificent Monday!
Chris
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