Happy Holidays from all of us at DebtCare Canada! As much as this season can be about material possessions, we here at DebtCare are remembering what is truly important: love, kinship, and gifts that cannot be seen but are felt in the heart. We hope you enjoy the break and festivities with your family and friends. See you in 2019!
Good news for 2018: we won’t be seeing any more Bank of Canada interest rate increases this year. On December 5, 2018, the Bank of Canada (BOC) announced that the overnight interest rate would stay at 1.75% for the month of December. The next interest rate announcement is scheduled for January 9, 2019. What does this mean for Canadian consumers? It’s a positive if: You’re carrying a lot of debt
The holidays can be a time of family, love, and joy, but they are also often a source of major stress — financial stress to be exact. Have you considered consolidating your debt to manage that stress? More than half of Canadians say that they go over their budget during the holiday season. A CIBC poll found that the average Canadian spends $643 on holiday gifts and $300 on décor
If you’ve been considering debt consolidation, you may have heard the terms “trustee in bankruptcy” and “debt counsellor.” But do you know the difference? They’re far from the same thing. Here’s what you need to know. Trustee in Bankruptcy Also known as a Bankruptcy Trustee or Licensed Insolvency Trustee (LIT). Doesn’t represent you. Has to act for the creditors. If you reveal information to them, like an unclaimed asset in
In a month-and-a-half, it will officially be 2019. What will the future bring for you? If you’re anything like almost 50% of Canadian homeowners, it might bring a mortgage renewal. The Bank of Canada estimates that 47% of residential Canadian mortgages with Big 6 banks will be up for mortgage renewals in the coming year, with another 31% coming due in the next one-to-three years. This is significant because economists
With rising interest rates and a changing housing market, it pays to know exactly what your home is worth. This can help you determine your equity position, weigh your financing options, and much more. Many home assessment tools cost money, but ours is different. Our digital property value assessment is completely free and looks at: Your property history; Comparable property sales in the area; and Estimated property value* based on
The Bank of Canada (BOC) has made another interest rate increase. As of October 24, 2018, the BOC interest rate is at 1.75% — the highest it has been since 2008. The Canadian and U.S. economies, job growth, and inflation were all taken into account. The BOC also discussed household spending as part of their justification. “Households are adjusting their spending as expected in response to higher interest rates and
With Halloween around the corner, we’re thinking about all of the scary financial situations that Canadians might face. And one of those that tends to spook people the most is a Canada Revenue Agency (CRA) wage garnishment. The CRA has broad garnishment powers. They can issue garnishments on your employment income, your bank account, and even other forms of income, like pensions. If you are self-employed, they can send requirements
Refinancing your mortgage can be a great way to consolidate debt and ease your financial standing, but there is one important consideration to make: the timing. If you’re thinking of refinancing your mortgage before your five-year term comes to an end to access home equity, you need to consider the pros and cons. Pros: Accessing home equity through a mortgage refinancing can allow you to put your debts into one
Happy Thanksgiving weekend from all of us at DebtCare! We are thankful this year for the opportunity to help Canadians with all types of credit and income. What are you grateful for in 2018? We hope you enjoy the weekend with family, friends, and a big dinner!
