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As we start a new year, we have yet another new poll about how Canadians are once again listing paying down debt as their top financial priority for 2017. This survey, from the CIBC, says that for the seventh straight year concerns about debt were a top concern for most Canadians.
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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."
Shots fired! While our media has been pointing out how Chinese buyers are driving up real estate prices, the Chinese media has been dissecting our economy and government, and warning Chinese buyers of the dangers of owning Canadian real estate.
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Soaring house prices send Canadians' net worth up.
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We ain't seen nothin' yet.
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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.
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Better check that credit card statement...
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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.
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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.
Making New Year's resolutions originated with the Babylonians, who reportedly made promises to the Gods in hopes they'd earn good favour in the coming year. If health is number one on people's resolution list every year, I was curious what other resolutions people continue to commit to.
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 fact is that nearly nine out of 10 Canadians believe the cost of living is outpacing their household income. Our economy has more than doubled in size since 1980, but median incomes have flat lined. Household debt has ballooned to over 163 per cent of disposable income. As Liberals, we believe a strong economy is one that provides the largest number of good jobs to the largest number of Canadians. But by that measure, we are in trouble. Canadians continue to work hard, but the majority of them are finding it tougher and tougher to get by.
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...
TORONTO - Canadians are carrying more debt now than a year ago, but it seems like many have a better handle on paying it back, says a newly-released study.Statistics from credit monitoring firm Equifa...
OTTAWA — Canadian household debt climbed to a new high in the second quarter, turning around after creeping lower for two quarters, according to Statistics Canada. Statistics Canada said Friday the ra...
TORONTO — The average Canadian had $27,131 of consumer debt in the second quarter, a new study suggests. That's $910 higher compared to the same period last year, when the average Canadian had consume...
More than one in nine of Canada’s homes are heavily indebted because of the country’s housing boom, Bloomberg reports. Data from polling firm Ipsos Canada, presented in a handy Bloomberg chart, shows...
Finance Minister Jim Flaherty successfully pressured Manulife Bank of Canada to withdraw a record-low mortgage rate, The Globe and Mail reported Tuesday. In the latest sign Canada’s major financial in...
In a country that prides itself on its social safety net, one could argue that the current personal debt story is really a story of an endangered future for the things we hold dear as a society. Will debt-ridden Canadians be supportive at election time of paying more in taxes to maintain universal health care?
TORONTO - A new report says the level of Canadian consumer debt at the end of 2012 — not counting mortgages — was up nearly six per cent from a year earlier.TransUnion says the $1,525 jump from the en...
TORONTO - Canadians are paying off their debts faster, with the number of those more than three months behind on loan payments dropping to a record low, according to a report Thursday from Equifax Can...
TORONTO — As Canadian officials issue repeated warnings about the perils of overborrowing amid troubling consumer debt levels, one quarter of respondents to a new poll say they will carry their existi...
TORONTO - There is more than a 20 per cent risk of Canada falling into a second recession — and though much of that risk comes from outside our borders, Canadians' sky high debt loads could push the e...
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...
TORONTO -- Record high Canadian household debt levels will factor into how the economy shapes up in 2012, leading to a slowdown in consumer spending or further tightening of mortgage rules, leading ba...
TORONTO - Two seemingly contradictory reports evaluating national debt levels tell the same stark truths about the rising severity of the financial straits facing many Canadians, analysts said Wednesd...
TORONTO - If experience is any indication, many Canadians could find themselves in debt years longer than they originally expected, according to a new poll issued Monday by CIBC. The poll, conducted f...
As worries about another U.S. recession mount, Canada's economy is highly exposed to any downturn and is less equipped to fight a slump than it was three year
The U.S. is going through a historic debt crisis, but Canada's economy also faces an uncertain future. While the American government raised the debt ceiling once again, and American consumers are busy...
THE CANADIAN PRESS -- OTTAWA - The TD Bank says Canadians can expect borrowing costs to remain near record lows for the rest of the year. That's because the pace of the economic recovery is expected t...