This is a great Globe and Mail article taking us back a little in the history of mortgage rates…http://bit.ly/1e5PGSv
Yes rates will go up, but the debt we have is what we have. Simply be aware and start to manage it responsibly.
If you have it now, minimize future borrowing especially for unnecessary items. Now, in a time of low rates is the best time to crack down and pay down the debt, when more of your hard earned dollars will go to the principle and less to interest.
Consolidate loan and credit card debt where possible and maximize payments to pay the debt off sooner, again, minimizing your interest cost. If necessary, use the equity in your home to consolidate debt, but keep the amortization of the mortgage short so that the debt is paid off quickly.
Don’t consolidate debt into a secured Line of Credit with interest only payments. Even at a low rate, interest only payments will never make the debt go away.
Remember we currently have the lowest rates in history. Plan your financial future wisely.