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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.