Canada Debt

Albertans Need To Set Their Personal Budgets To Survival Mode

Jeffrey Schwartz | Posted 11.25.2015 | Canada Alberta
Jeffrey Schwartz

The high levels of consumer debt in Alberta were always kept in check by the ability to pay it back, but now it seems that the oil collapse has rumbled its way through the Wild Rose County and is putting the squeeze on Albertans and their bills.

Finance Guru: 3 Ways To Survive Credit Card Debt

The Huffington Post Canada | Evan Pang | Posted 11.30.2015 | Canada Business

Getting in is easy, getting out is the hard part when it comes to credit card debt. Nearly half of Canadians have credit card debt, and one-quarte...

The Best Credit Cards For Canadians To Use On Black Friday

Penelope Graham | Posted 11.24.2015 | Canada Business
Penelope Graham

For the savvy shopper, spending holidays can be a great time to save a few bucks on your gift list -- but getting caught up in these sales has a downside. The good news? Your method of payment can go a long way in protecting you from shopping pitfalls.

Canada Needs A Seismic Shift In Financial Literacy

Jeffrey Schwartz | Posted 11.02.2015 | Canada Business
Jeffrey Schwartz

Canada is second only to Greece in terms of growth of household debt, relative to income, since the Great Recession. Our debt-to-income soared to record heights in September to a debt-to-income ratio of 164.6 per cent. We owe $1.65 for every dollar we earn. Simply put, we're stretched incredibly thin.

5 Ways to Put Your Cash on Cruise Control

David Lester | Posted 10.07.2015 | Canada Business
David Lester

It's fall now, and there is so much to do that is more fun than paying your bills. Wouldn't you rather carve pumpkins, shop for new turtlenecks, or take the kids for a drive to see the changing leaves? Why not set up your money tasks so that they are off your to-do list PLUS make some bonus money while doing it?

Why I Dumped My Gold Credit Card

David Lester | Posted 09.29.2015 | Canada Business
David Lester

Today I broke up with my gold credit card. We had been together since I got out of university. Things had been going well until I found out that it was all about him and not me. What I had been promised wasn't what I was getting in this relationship, and when I found out -- I kicked him to the curb.

Education Savings Should Be a Federal Election Priority

Peter Lewis | Posted 09.11.2015 | Canada Business
Peter Lewis

The cost of tuition can be overwhelming to say the least. For families and students trying keep afloat this year, making tuition payments is already a challenge often managed by multiple loans, jobs and sleepless nights spent studying or trying to make the grade in order to maintain a scholarship.

5 Ways to Become Debt Free In 10 Years

David Lester | Posted 09.10.2015 | Canada Business
David Lester

Since debt became super cheap after the Great Recession, we all have taken on a ton of of it. Nationally we have an average of $27,000 in non-mortgage debt -- and $190,000 in mortgage debt. Here is how we all can get rid of our debt in 10 years so we can enjoy our retirements and our lives debt-free.

Are Canadian Students in Debt Denial?

Penelope Graham | Posted 09.04.2015 | Canada Business
Penelope Graham

A recent piece by the CBC states credit card debt has spiked among students over the past five to 10 years. However, this conflicts with reports that students are eschewing credit cards altogether. So, what's the real story on student consumer debt? To find out, we asked 820 Canadians born between 1990 and 1996 about their debt perspectives.

How to Recession-Proof Your Finances

Jeffrey Schwartz | Posted 09.01.2015 | Canada Business
Jeffrey Schwartz

Well, it's official, or at least technically official: we're in a recession. What this means for the greater economy will be debated by economists, analysts, and politicians. But what this means for the average Canadian is pretty clear -- things aren't as secure as they used to be.

8 Personal Finance Lessons Every Student Should Learn

Erin Bury | Posted 08.31.2015 | Canada Business
Erin Bury

Like many Canadian teens, I grew up not learning about basic household budgeting, so when I went to university for the first time I was a little lost. I made mistakes. I got into debt. I spent more than I had. Then I realized how hard it was to pay off debt on an entry-level salary, and I got smart about my finances.

5 Tips to Help You Create a Realistic Budget

Wade Stayzer | Posted 08.26.2015 | Canada Living
Wade Stayzer

Budgeting isn't a dirty word, yet for many people the process of creating and living on a budget is seen as confusing, restrictive and scary. Creating a budget is actually a very straightforward process. Budgets aren't difficult but they require organization and discipline in order to be successful.

Harper's Economic Record Is Sub-Mediocre

Ralph Goodale | Posted 08.31.2015 | Canada Politics
Ralph Goodale

Canadians are stuck with $158-billion in new Harper debt -- without much to show for it. There are 160,000 more jobless Canadians today than before Stephen Harper took power. Job quality is at a 25-year low. Household debt is near a record high. Canada's trade deficit this year has topped $13-billion. The Liberal legacy was a decade of balanced budgets, average annual economic growth over three per cent, consistent trade surpluses every month of every year, 3.4-million net new jobs, lower debt, lower taxes, record high Transfer Payments to the provinces. That's what Mr. Harper inherited in 2006. But Mr. Harper blew it.

Teamwork Helps Students Address Financial Challenges

Cairine Wilson, CPA Canada | Posted 08.21.2015 | Canada Parents
Cairine Wilson, CPA Canada

The post-secondary years are the ideal time to lock in great habits and fill any gaps in your children's financial education. Regardless of whether there are savings set aside or loans to be taken, managing the dollars matters. It's our young people who gain the most from good advice as they take on increased responsibility.

5 Ways to Ensure a High Credit Score

Jeffrey Schwartz | Posted 08.20.2015 | Canada Business
Jeffrey Schwartz

It's a three-digit number that can make you or break you -- it can affect your ability to buy a home, rent an apartment, buy a car, and in some cases prevent you from getting a job. But despite its value, many of us are blissfully unaware of our credit score.

How to Settle Your Personal Debt

Dan S. Barnabic | Posted 08.13.2015 | Canada Business
Dan S. Barnabic

Many of us experience financial difficulties at one time or another. While most of us are strong enough to weather periodic financial storms and pay our bills, there are many who are not so fortunate.

5 Ways to Pay Off Your Mortgage Faster

David Lester | Posted 08.19.2015 | Canada Business
David Lester

When I was a banker we had this tool to show you how much you'd pay in interest over the amortization. When you look at the bottom of the chart I always liked to point out that you basically pay the same amount in interest as you took out on a mortgage at an average mortgage rate.

Newlyweds Need to Talk About Finances Beyond the Wedding

Jeffrey Schwartz | Posted 07.24.2015 | Canada Business
Jeffrey Schwartz

Canadians are into the height of wedding season, and while brides and grooms may have carefully budgeted for the wedding ceremony, reception, and honeymoon, I worry that sometimes financial planning stops once the special day is done.

How to Fix the Student Debt Crisis

Douglas Hoyes | Posted 07.21.2015 | Canada Business
Douglas Hoyes

Here's the bottom line: too many students are burdened with excessive student debt and that hurts all of us, so a solution must be found, and the sooner the better.

7 Steps to Debt Freedom for Millennials

David Lester | Posted 07.16.2015 | Canada Business
David Lester

When you're falling asleep isn't it always the thought of credit card debt that comes to mind? The best way to deal with that anxiety is with a plan. A plan to stop the bleeding money, set spending thresholds and eliminate that debt!

5 Money Hacks for Millennials

David Lester | Posted 07.10.2015 | Canada Business
David Lester

Happy halfway through the year! How has your year been going financially? Did you get the promotion you were hoping for? Have you been paying down your debt and getting on top of your money? If the answer is no, that's OK, because we still have six more months to go until next year!

It's Time to Cash in on Canada's New Financial Literacy Strategy

Cairine Wilson, CPA Canada | Posted 06.30.2015 | Canada Business
Cairine Wilson, CPA Canada

The National Strategy for Financial Literacy - Count me in, Canada is an ambitious playbook for country that brings together a wide range of stakeholders, identifies priorities and targets deliverables. It's time to act. Canadians who acquire financial knowledge today will be positioned for a better future.

The Pros and Cons of an Expanded Canada Pension Plan

Rob Brown | Posted 06.12.2015 | Canada Business
Rob Brown

A new report came out this week that reiterates what we've heard from other sources a few times now: Canadians aren't saving nearly enough for retirement. The Deputy Chief Economist of the CIBC warns that without pension reform now, younger workers today will see a steep decline in living standards as they retire. The Conservative government has recently announced it would like to have a dialogue with Canadians about a potential expansion of the Canada Pension Plan (CPP). While this, in itself, is a purely political action -- since it commits the government to nothing -- it is worth looking at what the possible outcomes might be.

What Would You Buy If You Had an Extra $50? $500? $5,000?

Cait Flanders | Posted 06.10.2015 | Canada Business
Cait Flanders

Do you have a list of savings goals you're currently working towards? A running list of things you actually need to buy? Or were your answers impulsive - full of wants that would satisfy you in this moment rather than needs that could help you for awhile? The question sounds innocent enough. But the question is everything that's wrong with the money mindsets being instilled in us.

Take a Buyer Beware Approach to Ontario's New Debt Settlement Laws

Douglas Hoyes | Posted 06.05.2015 | Canada Business
Douglas Hoyes

On July 1, 2015 the long awaited legislation regulating debt settlement services in Ontario comes into force. There are three main features of this new legislation that will impact Ontario consumers, with a ripple effect across the country. The biggest potential benefit to consumers will be the moratorium on up-front fees charged for no real service provided.