Consumer debt has been increasing over time in Canada. Even in 2020, due to a very resilient housing market and applications for new auto loans, total consumer debt went up by 3.8% to $2.041 trillion in the third quarter of the year! Equifax...
Are you struggling with consumer debt? If so, you’re not alone. According to BNN Bloomberg, the average Canadian household owes $1.76 for $1 of annual disposable income. The same household devotes $0.15 of every disposable dollar to making...
When it comes to the Canadian economy, the last few years have been a whirlwind of activity. Record low oil prices which hurt the economy and a dollar which fell to levels we haven’t seen in years led the Bank of Canada to drop Canadian...
Earlier in February, the McKinsey Global Institute released a report regarding debt and global economies, and after surveying 47 countries, listed seven with ‘potential vulnerabilities’ when it comes to household debt. Among these seven is...
Canadian consumer debt has continued to rise over the last few months, and although the delinquency rate has dropped, the spending has not. But since the delinquency rate has dropped, that means that individuals are more conscious of the need...
With Canada’s consumer debt continuing to rise, although at a slower rate, it is no surprise when individuals come to us looking for credit card debt relief. The ease with which credit card companies extend credit, even to those with less than...
Last week we celebrated Canada Day and that means that half of 2014 is officially over. Just like New Year’s Day, this holiday often leads people to think back on the past 6 months – have you evaluated your current debt load? Well, if you...
Statistics Canada released its latest report on figures regarding personal wealth and debt levels recently, and the numbers are not as promising as some financial experts would like – in many cases they are actually worse. What are these...
This time of year it is hard not to find yourself celebrating the scary season, whatever that may involve. However, the scare factor should have everything to do with ghouls and goblins – but nothing to do with your consumer debt. If your debt...
With the average consumer debt load in Canada at an all-time high, it is unfortunately not surprising to see companies popping up everywhere offering solutions to your debt problems through a debt settlement. But be wary; unlike consumer...
The Globe and Mail recently reported on the status of Canadian consumer debt levels, stating that Canadian household debt continues to grow. With that said, individuals seem to be obtaining less credit and the Bank of Canada reports being less...