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Our local experts have the experience to help you achieve your financial goals, providing you with ​peace of mind.

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Unsure of whether a fixed rate or variable rate is right for you? Let us help you make the best ​choice for your situation.

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We have specialists to help ensure that your new mortgage or vehicle loan doesn't end up being a burden, if something were to happen to you.

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Your borrowing questions answered

Good debt can be thought of as a loan used to purchase assets or investments that will grow over time. A mortgage to purchase a home or rental property is considered good debt because, generally speaking, home and property values appreciate over time. Typically, a loan to purchase a vehicle is not considered good debt because the value of a car depreciates quickly over time. However, if you require a vehicle to get to and from work, pick up kids and run to the grocery store, it's essentially a necessity and hard to live without. In this scenario, a loan for a vehicle would not be considered bad debt. 

Bad debt is most often debt used to purchase trivial items or things that depreciate, or have little to no value, after purchase. Credit card debt falls into this category, as they are most often associated with purchasing little items that add up in a big way. Part of the reason people fall into the "buy now, pay later" trap is because it's very easy (almost too easy) to pay for things with a tap. Soon, that daily purchase of a double-double and a double chocolate donut has doubled your waistline and your debt! Credit cards allow us to spend without feeling the pain of paying. We receive a bill at the end of every month, after we've had 30 days to rack up all of these expenses. Now we don't have the cash to pay it off! This is a bad scenario all around. 

Some people like to make the repayment period as short as possible to repay the debt as quickly as they can, whereas others prefer to extend the repayment period for as long as possible to keep payments as small as practicable. It's best to base your decision on your individual circumstances. Longer repayment periods often reduce the monthly payments because the loan is repaid over an extended period of time. This means that more interest will be paid over the long-run. We can help you make sense of the options.

Variable and fixed rates are opposites:

  Variable rate fixed rate
overview Rate can change with the markets Rate is locked in for the mortgage term
interest rates Rates are typically lower Rates are typically higher
Good for Those who want to save money if interest rates drop

Those who want peace of mind that their rate won't change

Unsure which option to choose? Let our experts help you figure it out!


This is a great question with many variables. As with nearly everything, each person's situation is unique and should be reviewed with a financial planning expert. However, there are a few guidelines that can be applied. 

Growth vs. interest paid – If you are earning more on your investments than you are paying on your debt, you should continue to invest. Investments earn interest, capital gains, dividends and share distributions, depending on what type of investments you hold. Each will have an annual interest rate for how they performed. If this number is higher than the interest rate you are paying on your debt, keep investing.  

Bad debt – Bad debt is never a good thing. It typically carries a high interest rate and is not helping your investment portfolio. This type of debt should be paid off as quickly as possible to avoid paying more interest than necessary. 

Mortgage vs. retirement – this is where guidelines are not really applicable. Mortgages are typically a good use of debt to finance an investment: your home. In the case of a rental property, the interest paid on a mortgage can be a deduction against earned rental income when you file income taxes. This is an instance where investing excess cash for the future is a great idea. However, some folks prefer to be debt-free as soon as possible. Paying off a mortgage is never a bad thing, especially if your goal is to have zero debt. 

In any scenario, speaking with a financial expert, like those from Journey Wealth, is a great idea! They have the knowledge and experience to help you achieve your goals. 

Need help or advice?

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