future_doc Posted September 8, 2010 Report Share Posted September 8, 2010 Bank of Canada boosted interest rates one-quater of a percentage point today. Med students with LOCs can expect their prime interest rate to increase accordingly to 3% with effect immediately. Link to comment Share on other sites More sharing options...
Mourning Cloak Posted September 8, 2010 Report Share Posted September 8, 2010 Bank of Canada boosted interest rates one-quater of a percentage point today. Med students with LOCs can expect their prime interest rate to increase accordingly to 3% with effect immediately. I'm really torn. On one hand, the increase in the prime rate means that my awful debt is getting more debt-y just that little bit faster. But on the other hand, it also means that my RRSPs will probably perk up. PS - I've just started using MD Financial, and I wholeheartedly recommend them for financial help (they can help with anything - budgeting, investing, retirement - any money questions, just ask). They understand the whole med student / resident / doctor thing so well compared to ordinary banking people. Link to comment Share on other sites More sharing options...
future_doc Posted September 9, 2010 Report Share Posted September 9, 2010 The Canadian dollar is on the rise and some see this as a sign for interest rates to rise again sooner than oriiginally anticipated. Link to comment Share on other sites More sharing options...
koft Posted September 9, 2010 Report Share Posted September 9, 2010 The Canadian dollar is on the rise and some see this as a sign for interest rates to rise again sooner than oriiginally anticipated. Multiple factors go into BoC interest rate policy. Inflation pressure, trade surplus/deflect, etc. As for the movement of CDN depends on interest rate, strength of foreign currencies (mostly against US), etc. I don't think CDN strength will cause BoC to raise rate, rather it tends to slow down our economy, create bigger trade deficit, especially our biggest trading partner is US, with their weak economy and our high dollar... I don't see a rapid series of rate hike. ________ Henry ford centennial library picture Link to comment Share on other sites More sharing options...
future_doc Posted September 9, 2010 Report Share Posted September 9, 2010 Good analysis koft.....may you be correct! Link to comment Share on other sites More sharing options...
doramider7 Posted September 18, 2010 Report Share Posted September 18, 2010 It should be Every institution I went to guaranteed me prime + 0% until the end of residency + 1 year (TD, Scotia, RBC) You should check out the LOC thread http://www.premed101.com/forums/showthread.php?t=41729 I wasn't able to confirm that either from them (in writing, if it isn't in writing then it just isn't confirmed). I got the strong impression that is unlikely that it would not be prime do to market pressures but that wasn't worth the risk to me. I have dealt with enough banks in the past to know that if it is not in the black and white then then anything they say is meaningless Link to comment Share on other sites More sharing options...
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