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"We're all a little vulnerable right now, here in Canada."
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Interest charges are part and parcel of using a credit card. For the privilege of fronting you cash, lenders tack on interest to the amount borrowed. Credit card interest is calculated daily, charged monthly, at a yearly rate -- typically 19.99% for most rewards credit cards in Canada.
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Nearly as many regret the debt they've taken on.
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Credit bureau TransUnion warned us this would happen.
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Because who wants decades of personal debt?
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November was Financial Literacy Month in Canada, a time for all Canadians to focus on better management of our individual financial goals. Credit plays an important role in living a focused and healthy financial life. Having good credit will help you qualify for a loan, mortgage, or credit card.
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Wedding debt is an awful gift to receive after you say I do. It is also a stressful way to start your marriage especially when the number one reason for a marriage to fall apart is not because of infidelity -- it is because of money woes.
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But a majority are actually reducing their debt.
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There is "a gradual shift" to riskier borrowers in Canada.
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Stats show that millennials prefer to use debit cards to credit cards for their purchases. Millennials are the first generation to grow up with debit cards, which may explain this pattern. Several findings prove that this generation isn't fond of credit products. The reasons for this may be many, but the top may be controlling spending and fear of debt. This lack and hesitance to use a credit card among millennials is causing them more harm than good in the long run.
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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?
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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.
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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-quarter of those people are stuck in a cycle of paying off...
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A recent piece by the CBC states credit card debt has spiked among students over the past five to 10 years. However, this conflicts with reports that students are eschewing credit cards altogether. So, what's the real story on student consumer debt? To find out, we asked 820 Canadians born between 1990 and 1996 about their debt perspectives.
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Like many Canadian teens, I grew up not learning about basic household budgeting, so when I went to university for the first time I was a little lost. I made mistakes. I got into debt. I spent more than I had. Then I realized how hard it was to pay off debt on an entry-level salary, and I got smart about my finances.
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Before you think this is just another a sooth-saying blog from a member of the financial community about the dangers of credit and debt, let me assure you that credit, in and of itself, is not inherently bad. It serves an important purpose and facilitates plenty of financial necessities. There is indeed some good, some bad, and some ugly involved in going full plastic.
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Canadians might be setting themselves up for a bright future and a comfortable retirement. But how are they going to pay the bills today? What about pressing expenses that are stretching budgets thin today? I would pump the breaks before we get into the territory of feeling financially bulletproof.
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The reality is that what we do with our money every day, matters, and could have long-term implications for our financial security. Every day, we are making trade-offs with our money. Living with intent and purpose creates meaning in our lives, and this creates joy. We need to connect the idea of living a joyful existence with our money.
In 2015, personal finance is still a taboo topic. We might live in a liberal country, but Canadians are not very open-minded when it comes to talking about our pocketbook. In fact, many of us downright lie. I think one thing is clear: The more openly we discuss our finances, the more opportunity we have to gain financial literacy and take control of our financial outlook.
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TORONTO — Consumers are continuing to pile on debt despite economic uncertainty created by the sharp drop in oil prices. Credit monitoring agency Equifax says consumer debt, including mortgage debt, r...
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As consumer debt continues to expand, a new study finds many Canadians have a rosier view of their debt situation than they should. Consumer credit site RateSupermarket polled more than 6,000 Canadian...
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Thanks to the government of Canada (and most other governments around the world) pushing interest rates to very low levels, there appears to be no point in saving money. Banks pay zero interest on a typical savings account, and GICs aren't much better. What's the point of saving?
When you've caught the last scraps of tinsel floating around the house, and your New Year's resolutions have fallen by the wayside, there's still a final holiday tradition left to enjoy: dreading the arrival of holiday bills. Yes, this time every year, thousands of Canadians are struck with cases of Bill Avoidance Disorder (B.A.D. for short). Think you've come down with a case? Try all of the following, and call us in the morning.
There is a Catch-22 in Canada’s economy, which is this: When things get good again, it will cause things to go bad. That’s because Canadians have taken on so much debt that a rise in interest rates co...
This is a cautionary tale of what happens all over Canada during the previous holiday season and throughout the year: People opted to use credit cards to make purchases they could not afford, which ended up costing them more due to interest charges than they had anticipated and left them with bills they reluctantly had to pay.
Picking the right credit card “can be a powerful financial tool,” according to interest rate comparison site RateSupermarket. It all depends on how you spend money and what you are trying to achieve w...
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TORONTO -- Canadians continue to pile on debt and now collectively owe more than $1.5 trillion excluding mortgages, according to the latest figures from Equifax Canada. The consumer credit rating agen...
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Many Canadians will brave long border lines and big crowds in the hope of cashing in on Black Friday sales south of the border. The sales may be billed as the biggest of the year, but Scott Hannah, t...
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We all want a high credit score, because it makes borrowing less expensive, and a high score proves that I am financially responsible and successful person. Or does it? Here's the sad truth: a high credit score does not prove you are financially savvy
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In most households, one person takes responsibility for the household finances. This can work well as long as the person controlling the finances isn't the one with the problem. I think it makes sense that if you're living as a couple and you have joint bank accounts that both partners know what's going on.
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Seven in ten Canadian mortgage lenders are concerned the country’s real estate sector is headed toward an unsustainable bubble that could burst at any time, according to a new survey. The poll by anal...
For the average person, debt management seems like a simple strategy. But it is easy for debt to get out of control -- the sooner you make a plan and stick to it, the better it will be for you in the long run.