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Managing Your Debt: Consolidating Your Debt

Managing Your Debt: Consolidating Your Debt
Saving money on interest costs, improving your cash flow and becoming debt free are just as important as to borrowing the funds necessary to achieve things you want. In times of borrowing, especially if we go through our credit card, we can end up acquiring a high balance, which brings us into a pile of debt. One ... Full story
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Canadian More Debt Cautious than Americans

Canadian More Debt Cautious than Americans
Royal Bank of Canada (RBC) is keeping a close eye on rising household debt levels in the country, but it believes that Canadian consumers are still in a more enviable position than the U.S. President and chief executive officer of RBC, Gord Nixon told an industry conference that the strength ... Full story
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Teaching the Lesson of Debt to your Children

Teaching the Lesson of Debt to your Children
Many teenagers will find themselves owning a credit card that is linked to their parent’s account to use in case of an emergency. Now this is fine for those who are under the age to get their own, however when the time comes for them to get their own, parents ... Full story
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Managing Your Debt

Managing Your Debt
With the holidays now behind us, many of us will find our bank accounts are bound to decrease significantly due to the bills that have been stacked. To help you take control and lower your debt, here are a few tips to consider. 1. Consider getting a loan If you happened to ... Full story
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Carney Warns Canadians to Watch Debt Levels

Carney Warns Canadians to Watch Debt Levels
We are constantly being warned that we need to make sure that we can all manage our debt levels today and for the time when interest rates go up. Mark Carney, governor of the Bank of Canada issued a warning on Wednesday concerning this matter. The Canadian economy has gone through ... Full story
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Bankruptcies Decline in Canada

Bankruptcies Decline in Canada
The number of bankruptcies in Canada have fell significantly in October compared with the month before. The change is largely due to a change in legislation that makes filing for bankruptcy more difficult. There were 9,245 personal and business bankruptcy filings in October, which is down from 12,792 in September ... Full story
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Household Credit Rising

Household Credit Rising
Household debt is growing larger in Canada, expanding more than 7% year over year. Benjamin Tal, senior economist with CIBC World Markets noted that on an inflation basis, credit is rising at the fastest rate seen in any economic recession in the post war era. Driving the household debt is low interest rates. Canadians have added $44 billion ... Full story
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New Escape From Debts

New Escape From Debts
Canadians who are caught in a financial bind with substantial debt have access to a new escape route starting today. Changes in federal legislation will require others to keep making monthly payments longer than before. The changes made to the Bankruptcy and Insolvency Act affecting consumers have been debated for almost a ... Full story
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Surge in Personal Bankruptcies

Surge in Personal Bankruptcies
The number of overall bankruptcies across Canada rose 51.6% in June 2009 compared with June 2008 as a growing tide of consumers and businesses were unable to pay their debts.  The report released on Tuesday August 11th, from the Office of the Superintendent of Bankruptcy of Canada shows there were 11,338 filing in June, ... Full story
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Delinquency Rates Jump

Delinquency Rates Jump
In a new report by Equifax Canada it shows that Canadians are missing credit payments at an increasing rate which is fuelling a 24% jump in annualized national delinquency rate. The data released by the credit bureau shows the average delinquency rate for Canada was 1.56% at the end of June. In addition ... Full story
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