How to Combat New Mortgage Rules and Interest Rate Increases
The past year has been a rocky one for Canadian homeowners. The Bank of Canada announced interest rate increases starting in July of 2017. Since then, the interest rates have increased three times, going from 0.5 per cent to 1.25 per cent. While all this was happening, Canada’s new mortgage rules also came into effect, […]
What the Bank of Canada Increase Means for Mortgage Interest Rates
If you’re reading this blog, you likely already know that the Bank of Canada interest rate increased again on January 17, 2018, going up to 1.25 per cent. You likely also know that the Bank of Canada (BOC) interest rate hike affects all forms of debt — credit card, student loans, and, of course, mortgages. […]
Consumer Proposal vs. Refinancing Your Mortgage – Which is Better for You?
If you are like the many Canadians facing overwhelming amounts of debt, you may be considering a consumer proposal vs. refinancing your mortgage to help ease the pain. Maybe you’re wondering how a second mortgage vs. consumer proposal stacks up? That’s what we’re here to help you find out. In this week’s blog, we’ll compare […]
BOC Interest Rate Jumps to 1.25%
Higher interest rates for Canadians are continuing in 2018. On January 17, 2018, the Bank of Canada (BOC) announced an interest rate increase to 1.25 per cent. The BOC interest rate affects all forms of debt, including student loans, home equity lines of credit, credit cards, and more. The strong economy, job growth, and business […]
Consider Consolidating Debt Before Canadian Interest Rates Go Through the Roof!
The interest rate may go up again – are you prepared? If not, it may be time to consider consolidating debt before this happens. It’s been all over the news that the Bank of Canada (BOC) recently announced a significant increase in Canada’s prime interest rate. A strong Canadian economy was one contributing factor in […]
The Taxman Taketh Away: How to Reduce Crippling CRA Penalties
CRA penalties and interest can be crippling and even double the size of a tax debt. We’ve all heard horror stories about the CRA and its efforts to enforce repayment. If you are facing Canada Revenue Agency (CRA) penalties, then you need to determine how you are going to reduce that burden in a way […]
The Difference Between Financial Consulting Companies and Debt Settlement Companies
The number of debt settlement companies in Canada seems to have risen dramatically over the past five to 10 years. With more and more Canadians finding themselves struggling with debt, it’s a sign of the times that companies offering debt relief have increased in number. In this post, we’ll focus on what to look for […]
How to Build Great Credit – A Plan for 2018
Happy New Year everyone! If you are like the thousands of other Canadians out there with a New Year’s resolution to become financially fit, this blog should help, especially if you need to work specifically on your credit. There are certain steps to take if you want to learn how to build great credit. If […]
Happy Holidays from DebtCare
The DebtCare team extends our warmest greetings of the season and best wishes for health and happiness in the New Year.
Consumer Corner: Everyone is Recommending a Consumer Proposal When I Want to Go Bankrupt
Most people understand the concept of bankruptcy – a situation where you surrender everything you own in exchange for debt elimination – but what about a consumer proposal? Perhaps you’ve heard the commercials or done your own research. If you’re in significant debt, having trouble making monthly payments, or just looking for some breathing room, […]