Canadian Household 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.

1 Alarming Sign Canadians Have Taken On Too Much Debt

The Huffington Post Canada | Daniel Tencer | Posted 04.29.2016 | Canada Business

Better check that credit card statement...

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.

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.

New Year's Resolutions: Why We Do What We Do

Beverley Golden | Posted 12.22.2015 | Canada Living
Beverley Golden

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.

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

Cairine Wilson, CPA Canada | Posted 12.26.2015 | 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.

It's in Every Canadian's Best Interest for the Middle Class to Grow

Bill Morneau | Posted 05.14.2016 | Canada Politics
Bill Morneau

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.

Sunny Freeman

This Is How Much Canadians' Debt Jumped In Just Over A Decade | Sunny Freeman | Posted 04.29.2015 | Canada Business

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 StatsCa...

More Debt? No Problem

CP | Linda Nguyen, The Canadian Press | Posted 01.25.2014 | Canada Business

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 s...

We've Never Owed So Much

CP | Posted 10.02.2013 | Canada Business

OTTAWA — Canadian household debt climbed to a new high in the second quarter, turning around after creeping lower for two quarters, according to Sta...

$27,131 In Debt -- And That's Not Including Mortgages

CP | Posted 08.28.2013 | Canada Business

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 ...

Stunning Number Of Households Have Ridiculous Debt Levels: Report

The Huffington Post Canada | Posted 07.02.2013 | Canada Business

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 I...

Flaherty Shut Down Record-Low Mortgage Rate: Report

The Huffington Post Canada | Posted 03.19.2013 | Canada Business

Finance Minister Jim Flaherty successfully pressured Manulife Bank of Canada to withdraw a record-low mortgage rate, The Globe and Mail reported Tuesd...

How Your Going Broke Could Break Canada

Doug O. Jones | Posted 04.24.2013 | Canada Business
Doug O. Jones

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?

Canadians' Debt Grows At Breakneck Speed

CP | The Canadian Press | Posted 04.07.2013 | Canada Business

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 ye...

Canadians Scared Straight About Their Debt: Report

CP | Linda Nguyen, The Canadian Press | Posted 03.26.2013 | Canada Business

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 lo...

Forever In Debt

The Huffington Post Canada | Sunny Freeman | Posted 01.14.2013 | Canada Business

TORONTO — As Canadian officials issue repeated warnings about the perils of overborrowing amid troubling consumer debt levels, one quarter of respon...

Consumer Debt Could Tip Canada Into Recession: Report

CP | Sunny Freeman, The Canadian Press | Posted 11.06.2012 | Canada Business

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 bord...

Household Debt Keeps Getting Deeper

CP | The Canadian Press | Posted 08.06.2012 | Canada Business

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 pa...

Rachel Mendleson

Dear Canadians: Rein In Your Debt, Or Someone Else Will | Rachel Mendleson | Posted 01.06.2012 | Canada Business

TORONTO -- Record high Canadian household debt levels will factor into how the economy shapes up in 2012, leading to a slowdown in consumer spending o...

Canadians Not Worried About Their Debt Levels: Poll

CP | Posted 11.15.2011 | Canada Business

TORONTO - Two seemingly contradictory reports evaluating national debt levels tell the same stark truths about the rising severity of the financial st...

Canadians May Be In Debt Longer Than They Think: Poll

CP | Posted 10.29.2011 | Canada Business

TORONTO - If experience is any indication, many Canadians could find themselves in debt years longer than they originally expected, according to a new...

Worse Than Last Time? Canada 'Highly Exposed' To U.S. Recession

The Globe and Mail | Posted 10.24.2011 | Canada Business

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 th...

Who's In More Debt: Canada Or The U.S.?

The Huffington Post Canada | Posted 10.10.2011 | Canada Business

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 c...

Canadians' Debt Hits Record $1.5 Trillion

CP | Posted 08.14.2011 | Canada Business

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 be...