New Year is a good time to tackle your debt
It’s that time of year again to make New Year’s resolutions. For many, one resolution should focus on debt. Managing debt is the single most important financial issue many Canadians face. It’s hard to break bad habits. Every year the majority of people who make New Year’s resolutions fail to achieve them. If you’ve struggled […]
Why is it so difficult for people to save?
Why do so many people have so much trouble saving? This applies to both high and average earners. The data on how many of us have so little ability to save is alarming. According to a recent survey by GoBankingRates in the United States, people with an income in excess of US $150,000 have trouble […]
Canadians weigh in on financial stress
Does money cause you stress? Apparently, it does. At least according to the recent Financial Stress survey conducted by the Financial Planning Standards Council (FPSC). Canadians’ largest source of stress is financial. Financial stress ranks higher than other stress factors including health, work, and relationships. Just over half (51 per cent) of those individuals surveyed are […]
Canadians love affair with personal debt continues unabated
Much can be learned about the priorities of Canadians when you look at borrowing patterns. Also, much can be learned about the risks of personal debt. TransUnion is a credit monitoring firm. It released its Q2 2017 Canadian Industry Insights Report in August showing how Canadians borrow. The numbers show the Canadian dream of homeownership […]
It’s official… Bank of Canada has finally boosted interest rates
It is official. The most anticipated increase in interest rates has finally occurred. Last week for the first time in seven years the Bank of Canada increased its overnight interest rate from half of one per cent to three quarters of one per cent. This is significant to all of us because interest rates rise […]
Canadian debt is a risk, time for the government to lead
Canada’s continuing conversation on excessive high household debt levels is getting hypocritical. Excess personal debt has been a topic in the media for many years. Debt is still a problem but it is time to view the danger of debt from a different perspective. The more you look at the problem of increasing debt the […]
