Canada Debt

Cure Your Holiday Debt Hangover

Rubina Ahmed-Haq | Posted 02.03.2016 | Canada Business
Rubina Ahmed-Haq

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?

Debt Can Be Good If You Learn To Leverage It

David Lester | Posted 02.01.2016 | Canada Business
David Lester

The Donald and other real estate barons made all of their money using debt to leverage their assets. Once you have one property or asset payed for, you can re-mortgage it and get another one. Now you have two assets hopefully growing and making you more money. Demonizing ALL debt in our society won't change that.

Your Bankruptcy Score May Be Behind That Refused Loan

Douglas Hoyes | Posted 01.18.2016 | Canada Business
Douglas Hoyes

Lenders have been using a person's credit report for years to judge their overall creditworthiness and the risk that they might default and become a bad debt. However, financial institutions often use another measure, a bankruptcy score, to refuse a loan application for someone who may otherwise have good credit.

How To Manage Your Household Finances In Uncertain Times

Pramod Udiaver | Posted 01.11.2016 | Canada Business
Pramod Udiaver

With the economy continuing to struggle, markets fluctuating and job security in jeopardy, it is no wonder that many people are concerned about their financial futures. In such uncertain times, feeling out of control -- especially when it comes to finances -- can lead to unnecessary stress.

Canadians Carrying Consumer Debt In 2016 Face Tough Odds

Douglas Hoyes | Posted 01.05.2016 | Canada Business
Douglas Hoyes

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.

Preferred Shares Remain An Attractive Long-Term Investment

Norman Levine | Posted 01.04.2016 | Canada Business
Norman Levine

We see the preferred share shakeout as a great buying opportunity, particularly among rate-reset preferreds -- especially those that have a rate reset of at least two years into the future -- as their plunge in prices has made their yields attractive and there is significant potential for capital gains if and when Canadian interest rates do begin to rise.

The Biggest Personal Finance Fails Of 2015

Jeffrey Schwartz | Posted 12.31.2015 | Canada Business
Jeffrey Schwartz

To err is human. Mistakes can be a valuable learning opportunity, and sometimes, the bigger the mistake, the bigger your lesson will be. Lucky for us, there are plenty of people out there who made huge personal finance mistakes in 2015, and we have the benefit of being able to sit back and learn from them.

Reducing Debt Still The Top Priority For Canadians: Poll

CP | The Canadian Press | Posted 12.30.2015 | Canada Business

Keeping up with bills/getting by came in second, cited as the main priority of 18 per cent of respondents.

New Mortgage Rules Won't Stop A Motivated Borrower

Douglas Hoyes | Posted 12.17.2015 | Canada Business
Douglas Hoyes

New limits may force more borrowers to approach alternative lenders as a source for financing and may increase the percentage of parents taking out a second loan on their own home to help their adult children move into the housing market.

Make The Most Of Your Holiday Bonus

Wade Stayzer | Posted 12.15.2015 | Canada Business
Wade Stayzer

For those employees who are fortunate enough to receive a year-end bonus, many may be tempted to spend it immediately. But I advise you to resist the urge to spend the money on frivolous items and instead think about putting your hard-earned bonus to work for you.

Albertans Need To Set Their Personal Budgets To Survival Mode

Jeffrey Schwartz | Posted 11.25.2015 | Canada Alberta
Jeffrey Schwartz

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.

3 Ways To Crush Your Credit Card Debt

The Huffington Post Canada | Evan Pang | Posted 12.14.2015 | Canada Business

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-quarte...

The Best Credit Cards For Canadians To Use On Black Friday

Penelope Graham | Posted 11.24.2015 | Canada Business
Penelope Graham

For the savvy shopper, spending holidays can be a great time to save a few bucks on your gift list -- but getting caught up in these sales has a downside. The good news? Your method of payment can go a long way in protecting you from shopping pitfalls.

Canada Needs A Seismic Shift In Financial Literacy

Jeffrey Schwartz | Posted 11.02.2015 | Canada Business
Jeffrey Schwartz

Canada is second only to Greece in terms of growth of household debt, relative to income, since the Great Recession. Our debt-to-income soared to record heights in September to a debt-to-income ratio of 164.6 per cent. We owe $1.65 for every dollar we earn. Simply put, we're stretched incredibly thin.

5 Ways to Put Your Cash on Cruise Control

David Lester | Posted 10.07.2015 | Canada Business
David Lester

It's fall now, and there is so much to do that is more fun than paying your bills. Wouldn't you rather carve pumpkins, shop for new turtlenecks, or take the kids for a drive to see the changing leaves? Why not set up your money tasks so that they are off your to-do list PLUS make some bonus money while doing it?

Why I Dumped My Gold Credit Card

David Lester | Posted 09.29.2015 | Canada Business
David Lester

Today I broke up with my gold credit card. We had been together since I got out of university. Things had been going well until I found out that it was all about him and not me. What I had been promised wasn't what I was getting in this relationship, and when I found out -- I kicked him to the curb.

Education Savings Should Be a Federal Election Priority

Peter Lewis | Posted 09.11.2015 | Canada Business
Peter Lewis

The cost of tuition can be overwhelming to say the least. For families and students trying keep afloat this year, making tuition payments is already a challenge often managed by multiple loans, jobs and sleepless nights spent studying or trying to make the grade in order to maintain a scholarship.

5 Ways to Become Debt Free In 10 Years

David Lester | Posted 09.10.2015 | Canada Business
David Lester

Since debt became super cheap after the Great Recession, we all have taken on a ton of of it. Nationally we have an average of $27,000 in non-mortgage debt -- and $190,000 in mortgage debt. Here is how we all can get rid of our debt in 10 years so we can enjoy our retirements and our lives debt-free.

Are Canadian Students in Debt Denial?

Penelope Graham | Posted 09.04.2015 | Canada Business
Penelope Graham

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.

How to Recession-Proof Your Finances

Jeffrey Schwartz | Posted 09.01.2015 | Canada Business
Jeffrey Schwartz

Well, it's official, or at least technically official: we're in a recession. What this means for the greater economy will be debated by economists, analysts, and politicians. But what this means for the average Canadian is pretty clear -- things aren't as secure as they used to be.

8 Personal Finance Lessons Every Student Should Learn

Erin Bury | Posted 08.31.2015 | Canada Business
Erin Bury

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.

5 Tips to Help You Create a Realistic Budget

Wade Stayzer | Posted 08.26.2015 | Canada Living
Wade Stayzer

Budgeting isn't a dirty word, yet for many people the process of creating and living on a budget is seen as confusing, restrictive and scary. Creating a budget is actually a very straightforward process. Budgets aren't difficult but they require organization and discipline in order to be successful.

Harper's Economic Record Is Sub-Mediocre

Ralph Goodale | Posted 08.31.2015 | Canada Politics
Ralph Goodale

Canadians are stuck with $158-billion in new Harper debt -- without much to show for it. There are 160,000 more jobless Canadians today than before Stephen Harper took power. Job quality is at a 25-year low. Household debt is near a record high. Canada's trade deficit this year has topped $13-billion. The Liberal legacy was a decade of balanced budgets, average annual economic growth over three per cent, consistent trade surpluses every month of every year, 3.4-million net new jobs, lower debt, lower taxes, record high Transfer Payments to the provinces. That's what Mr. Harper inherited in 2006. But Mr. Harper blew it.

Teamwork Helps Students Address Financial Challenges

Cairine Wilson, CPA Canada | Posted 08.21.2015 | Canada Parents
Cairine Wilson, CPA Canada

The post-secondary years are the ideal time to lock in great habits and fill any gaps in your children's financial education. Regardless of whether there are savings set aside or loans to be taken, managing the dollars matters. It's our young people who gain the most from good advice as they take on increased responsibility.

5 Ways to Ensure a High Credit Score

Jeffrey Schwartz | Posted 08.20.2015 | Canada Business
Jeffrey Schwartz

It's a three-digit number that can make you or break you -- it can affect your ability to buy a home, rent an apartment, buy a car, and in some cases prevent you from getting a job. But despite its value, many of us are blissfully unaware of our credit score.