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Are low rates a once in a lifetime opportunity?

Scott Pape, the Barefoot Investor called our current banking climate a 'once in a lifetime opportunity' last week when he was quoted in this article.

Pape was in the news launching Money Movement, a school based initiative which teaches both primary and secondary kids practical money methods useful for a life managing their own money and doing it well. This program is also the feature of a new TV series called Money School.

His work with kids aside, he used the occasion to issue a warning to adult Australians who haven't had the learning that he is teaching a new generation of kids, that record low interest rates are a 'once in a lifetime opportunity' to take immediate action to get themselves out of debt".

He also warned borrowers 'not to count on interest rates being forever low' and said that 'a lot of misery can be had for taking on too much debt'.

Here at Diamond Finance Geelong we believe in using borrowing potential to achieve your big picture and that means getting debts paid off so you own your assets while you are as young as you can. Banks start to get a little edgy if you're heading towards 50 and don't have a realistic plan to get your debt paid off. You should be aiming to have your mortgage paid off well before retirement.

Come and see us if you need help with your loans.