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The perception that you're getting a deal on Black Friday isn't real, MNP's president says.
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35 per cent said they feel overwhelmed by their level of debt.
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Debt is necessary for households to build assets and improve human capital while for the government, it facilitates government investment in the society. Debt helps companies to grow and develop. However, excessive debt held by households, companies or the government may create potential financial or economic instability.
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Overspending is becoming a major problem.
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Sometimes it pays off to go old school.
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Because who wants decades of personal debt?
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And people are worried about it.
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You're not alone when it comes to money.
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"Credit growth continues to be unusually high relative to GDP."
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Households owe about $1.68 for every dollar of disposable income.
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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.
Keeping up with bills/getting by came in second, cited as the main priority of 18 per cent of respondents.
Debt has been in the news a lot lately. The major news outlets in Canada are paying attention to our record-high household debt levels and are doing some fantastic reporting about the effects of oil prices, housing, health, divorce, and all the other factors that can damage a family's bottom line. Yet amid this rabble of expert voices and real Canadian tales of debt crisis, there was one lone dissenter.
Consumers who file insolvency are in severe financial distress, but surprisingly this does not mean they are behind on their payments. According to Equifax Canada, about 70 per cent of consumer accounts are paid as agreed at the time the individual files for bankruptcy, and this is definitely consistent with what we see every day. More debtors are turning to subprime debt as a way of balancing payments. While any one payday loan, high cost instalment loan or low credit car loan will not necessarily lead to bankruptcy, it does begin a slippery slope and these loans are a primary indicator of an increasing percentage of insolvencies.
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The amount owed by indebted Canadians grew by 64 per cent to $60,100 in just over a decade, according to a new Statistics Canada study. The StatsCan report released Wednesday found that between 1999 a...
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Persistently low oil prices could pose a bigger threat to Canadians’ sky-high consumer debt loads than to oil companies, according to a new report from Moody’s Investor Services. The credit rating age...
TORONTO -- A new poll suggests that paying down debt is the biggest financial priority for Canadians in 2015. It is the fifth year in a row that debt repayment came out as the top concern in the annua...
Back in the 1960s, Stanford University researcher Walter Mischel conducted a famous study about self-control. After following the study group for 40 years, the researcher's findings about self-control continue to provide insight today into our collective psychology. That insight may be worth reflecting upon as we confront our current debt loads.
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The policy direction of the Liberal Party of Canada and its leader Justin Trudeau seem to indicate that the party is rejecting the successful pragmatism of the 1990s. Instead, the federal Liberals favour a more interventionist and activist government, much like that of the current Ontario Liberal government. If such policies are enacted, the results would be ruinous for Canada.
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With post-holiday bills piling up even faster than food on Christmas dinner plates, experts say now is the time to hide those credit cards. The average Canadian's consumer debt is expected to cl...
Have we become a society addicted to debt? Based on some recent surveys, I would have to conclude that the answer is yes. Debt has become an acceptable fact of life in our society. Can you live without borrowed money? If not, you may be living on borrowed time.
Like the floods recently seen in Alberta, many causes of debt disasters are not foreseeable and enact considerable emotional and financial devastation. Their onset can be rapid and quickly overwhelming, with the damage permanent or requiring years to repair.
Those graduating from post-secondary programs this spring faced the harsh reality that student loan debt in the country has exceeded $15 billion. When our financial leaders speak of Canada's current personal debt, they speak about monetary considerations like tightening mortgage rules and anticipated interest rate increases. But we don't hear many comments about current debt loads that go beyond the economics of the issue. What about the social changes that may be required to dealt with, or simply result from, all this debt?
TD Canada Trust recently released a report that was a little surprising, both from a financial and social perspective. It indicated that one-in-five baby boomers (19 per cent) admitted to researchers that they would consider jeopardizing their own financial stability and future in order to help their adult kids financially. But is that good?
The management of public finances may not have received due attention from the premiers in Halifax. But as our federal and provincial political leaders gear up for next year's budget season, they would be wise to acknowledge the seriousness of growing government debt and put forth bold plans to balance their budgets. Kicking the debt down the road simply isn't an option.
TORONTO - A new poll suggests more Canadians are living debt free this year compared to 2011.The annual RBC survey found that 26 per cent of respondents had no personal debt — excluding mortgage debt...
TORONTO - More than half of retired Canadians hold some form of debt which may cut into their retirement plans and cash flow, a new poll suggests.According to the survey conducted by Harris Decima, 59...
TORONTO - A new bank study suggests the average Canadian household is more than $100,000 in debt and that Canadians have ramped up borrowing in the past five years.The first annual BMO survey on house...
OTTAWA - Canadians keep taking on more debt even as they get poorer, a new Statistics Canada report showsAverage household debt in Canada hit a new record high of almost 153 per cent to disposable inc...