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The News on Consumer Debt

One of the strongest tools we have to manage our finances and consumer debt is knowledge. If your spending time learning what to do with your money, then you’re not using that time to spend money. There are many sources of information around us that can teach us the financial wrongs and rights. Some of…

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Financial Health Connected to Mental Health

Studies have shown that your financial health can impact your mental health. Sometimes debt is taken on with an attitude that you easily pay it off later. Whether this is true or not, the reality is you have a responsibility to pay back the money you owe. Until your debt is settled, only until then,…

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Interest Rates Increase Another 0.25 Percent

The Central Bank of Canada has once again raised interest rates another 0.25 points to 1.25 per cent. The recent increase occurred on January 17th, 2018. In addition, this has been the third time the central bank raised their interest rate in just over 7 months. The previous increases in the central banks interest rate…

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Canadian Households Hit Record Level of Debt

Canadian households have reached a new record level of debt. This means that for every $1.00 of disposable income, Canadian households now owe $1.71 in credit market debt. Credit market debt can be considered consumer credit, lines of credit, mortgages and non-mortgage loans. The amount that Canadian households owe in credit market debt has increased…

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Winter Savings for All, and for All, a Merry Holiday

The weather is getting colder, but the need for winter savings remains hot. This means, as temperatures drop, we will need more energy to keep ourselves both comfortable and healthy. But, if you use to much energy, you can burn a hole in your pocket. The energy we use is neither free nor cheap, so…

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Financially Secure with an Insecure Income

A survey by a Canadian insolvency firm shows that Canadians will not be financially secure if interest rates rise again. The survey was conducted online by Ipsos among 2,005 adult Canadians between September 18 and September 21. The survey findings show that 30 per cent of Canadians are already feeling pressure from the first two…

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How to Save Money for the Winter Season

As the winter season quickly approaches, so does the need to save money. Winter is filled with many unexpected expenses. Some of these expenses are a result of the holidays, the harsh winter climate, and home maintenance. Now that these expenses are no longer unexpected, it’s time to make changes to become financially secure. As…

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Reasons Why Canadians File for Insolvency

Based on the statistics from an insolvency firm in Ontario, the average amount Canadians file for insolvency with in Kitchener, Waterloo and Wellington County is $48,437. This is 8 per cent lower than the national average of $52,634. In Guelph, the average amount that residents file for insolvency is approximately $55,259. This is 5 per…

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Debt vs. Disposable Income

This time last year, the average Canadian owed approximately $1.65 for ever dollar of disposable income. This was discussed in our previous blog, ‘Should I Claim Bankruptcy’. That number jumped to $1.66 at the beginning of the year, and has now increased to $1.68 for every dollar of disposable income. One explanation for the increase…

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The Bank of Canada Increases Interest Rates Again

The Bank of Canada Increased mortgage rates once again. On Wednesday, September 6th, 2017, interest rates were increased another 0.25 per cent. As a result, the Bank of Canada’s rate increased from 0.75 per cent to 1.0 per cent. Lines of credit and variable rate mortgages were increased on July 12th for the first time…

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