Canada Debt

2015 Insolvencies Reflect Provincial Economies

Douglas Hoyes | Posted 05.03.2016 | Canada Business
Douglas Hoyes

The Office of the Superintendent of Bankruptcy just released their 2015 Annual Report of bankruptcies and consumer proposals in Canada and from these numbers we can see the impact shifts in the Canadian economy have on indebted Canadians. In 2015, 121,609 Canadians filed for insolvency, an increase of three per cent over the prior year.

Millennials: Buying A Home ASAP Is Worth It In The Long Run

Samantha Brookes | Posted 04.21.2016 | Canada Business
Samantha Brookes

Thirty-six is the new 30 for first-time home buyers in Canada -- meaning that the average age of current home buyers is 36, while the majority of current home owners bought their place before they were 30. Considering that millennials are typically 25 to 34 years old, many are left asking the question: are millennials buying homes?

You Weren't Born To Pay Off Debt And Die

Cait Flanders | Posted 04.14.2016 | Canada Business
Cait Flanders

What you don't have to do forever is live with debt. You don't have to spend every month calculating how much you can afford to put towards debt repayment, while continuing to use credit, and staying in the never-ending cycle of borrowing money and trying to pay it back. It's not an easy cycle to get out of; I know that firsthand.

Could A New Credit Scoring System Affect Your Ability To Borrow?

Douglas Hoyes | Posted 04.11.2016 | Canada Business
Douglas Hoyes

Equifax will combine credit histories, ratings, and mortgage information with Teranet's database of property values to offer lenders and financial institutions an assessment of a borrower's debt-to-asset value and home equity. This RESL metric will help lenders measure risk in the real estate market, allowing them to determine if they want to lend or not.

Surviving Buying Season In Canada's Hottest Real Estate Markets

Samantha Brookes | Posted 03.30.2016 | Canada Business
Samantha Brookes

In the midst of the busiest month of the year in real estate, the Canadian housing market shows no signs of cooling down anytime soon, pushing buyers to think twice about their next move. Many assume that their best bet is to steer clear of the hot market, but that isn't necessarily a smart move.

Can I Just Walk Away From My Debts?

Douglas Hoyes | Posted 03.24.2016 | Canada Business
Douglas Hoyes

I've had a few people say to me recently "If you have debt, just walk away; the banks won't do anything. My friend stopped paying, and nothing happened to him. Don't bother with credit counselling, or a consumer proposal, just walk away". Does that strategy actually work?

How To Give Your Budget A March Break

Jeffrey Schwartz | Posted 03.03.2016 | Canada Parents
Jeffrey Schwartz

March Break is just around the corner, and if you're like many Canadians, you're probably wondering how you're going to afford to pay for it. Luckily, there's an easy way to save money, keep your children happy, and teach them a few life lessons too. Use the break as an opportunity to put your kids in the classroom of life by involving them in the March Break budgeting process. Here's how:

Is It Our Fault That We Are Not Saving Enough For Retirement?

Douglas Hoyes | Posted 02.25.2016 | Canada Business
Douglas Hoyes

While it is a worthy goal to maximize your savings prior to retirement, it is even more important that you retire debt free. If you retire and are still making payments on car loans, mortgages, or high interest rate debts like credit cards and payday loans you require a much higher income in retirement to survive.

Ditch Your Reward Cards And Get A Real Reward - Freedom

David Lester | Posted 02.24.2016 | Canada Business
David Lester

Have you ever thought how much more money you spend travelling across town to use that store or get extra rewards? How many points apps or websited do you have on your phone and how do they change our natural behaviour? When we count up the effort, is it worth the reward?

Balancing The B.C. Budget

Dermod Travis | Posted 02.23.2016 | Canada British Columbia
Dermod Travis

Petty. One word that springs to mind after last week's B.C. budget. At best, it's a lip service budget. Tweak here, tweak there, but devoid of any ...

Only You Can Solve The Payday Loan Problem

Douglas Hoyes | Posted 02.18.2016 | Canada Business
Douglas Hoyes

Payday loan companies in Ontario can charge a maximum of $21 on every $100 borrowed. That may not sound like a lot, but if you take out that loan every two weeks, for a year, you will have paid $546, which is an annual interest rate of 546 per cent. That's a lot higher than even the highest credit card interest rate.

Cure Your Holiday Debt Hangover

Rubina Ahmed-Haq | Posted 02.03.2016 | Canada Business
Rubina Ahmed-Haq

Hands up if you spent more than you wanted to this past holiday. From gifts to entertaining to travel, it's easy to get swept up in the holiday spirit and dole out more cash than you first intended to. Now the credit card bills have started to arrive and you may be wondering where the extra money will come from?

Debt Can Be Good If You Learn To Leverage It

David Lester | Posted 02.01.2016 | Canada Business
David Lester

The Donald and other real estate barons made all of their money using debt to leverage their assets. Once you have one property or asset payed for, you can re-mortgage it and get another one. Now you have two assets hopefully growing and making you more money. Demonizing ALL debt in our society won't change that.

Your Bankruptcy Score May Be Behind That Refused Loan

Douglas Hoyes | Posted 01.18.2016 | Canada Business
Douglas Hoyes

Lenders have been using a person's credit report for years to judge their overall creditworthiness and the risk that they might default and become a bad debt. However, financial institutions often use another measure, a bankruptcy score, to refuse a loan application for someone who may otherwise have good credit.

How To Manage Your Household Finances In Uncertain Times

Pramod Udiaver | Posted 01.11.2016 | Canada Business
Pramod Udiaver

With the economy continuing to struggle, markets fluctuating and job security in jeopardy, it is no wonder that many people are concerned about their financial futures. In such uncertain times, feeling out of control -- especially when it comes to finances -- can lead to unnecessary stress.

Canadians Carrying Consumer Debt In 2016 Face Tough Odds

Douglas Hoyes | Posted 01.05.2016 | Canada Business
Douglas Hoyes

If you are playing with debt in 2016, you have to hope that everything remains stable -- your job, your health, your interest costs, even your relationship. However, based on my experience, if you are in the at-risk category, the odds are against you.

Preferred Shares Remain An Attractive Long-Term Investment

Norman Levine | Posted 01.04.2016 | Canada Business
Norman Levine

We see the preferred share shakeout as a great buying opportunity, particularly among rate-reset preferreds -- especially those that have a rate reset of at least two years into the future -- as their plunge in prices has made their yields attractive and there is significant potential for capital gains if and when Canadian interest rates do begin to rise.

The Biggest Personal Finance Fails Of 2015

Jeffrey Schwartz | Posted 12.31.2015 | Canada Business
Jeffrey Schwartz

To err is human. Mistakes can be a valuable learning opportunity, and sometimes, the bigger the mistake, the bigger your lesson will be. Lucky for us, there are plenty of people out there who made huge personal finance mistakes in 2015, and we have the benefit of being able to sit back and learn from them.

Reducing Debt Still The Top Priority For Canadians: Poll

CP | The Canadian Press | Posted 12.30.2015 | Canada Business

Keeping up with bills/getting by came in second, cited as the main priority of 18 per cent of respondents.

New Mortgage Rules Won't Stop A Motivated Borrower

Douglas Hoyes | Posted 12.17.2015 | Canada Business
Douglas Hoyes

New limits may force more borrowers to approach alternative lenders as a source for financing and may increase the percentage of parents taking out a second loan on their own home to help their adult children move into the housing market.

Make The Most Of Your Holiday Bonus

Wade Stayzer | Posted 12.15.2015 | Canada Business
Wade Stayzer

For those employees who are fortunate enough to receive a year-end bonus, many may be tempted to spend it immediately. But I advise you to resist the urge to spend the money on frivolous items and instead think about putting your hard-earned bonus to work for you.

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.

3 Ways To Crush Your Credit Card Debt

The Huffington Post Canada | Evan Pang | Posted 12.14.2015 | 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.