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Canada’s Interest Rate and What to Expect

The Bank of Canada’s Governor, Stephen Poloz, made the decision to maintain the banks interest rate on Wednesday, May 30, 2018. There are a few factors that influence this decision that include Canada’s economy, household debt, mortgages, and consumer debt. According to an article posted by the Toronto Star, Canada’s household debt, mortgages and consumer…

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Saving Money, Techniques to Get You Started

Saving money should always be a top priority with your daily routine. This does not mean you are being cheap, but rather, you are smart with spending money. In addition, saving money is easier said then done; it takes time and effort to really pull it off. This is where one of the basic concepts…

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Inflation Rate, What You Need to Know.

Canada’s annual inflation rate has a big influence over managing debt and controlling finances. Recently, the country’s inflation rate has increased gradually over the first few months of 2018. In January, the inflation rate stood at 1.7%, increasing to 2.2% in February and then 2.4% in March. The increase in Canada’s inflation rate is partially…

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Canada’s Interest Rate is Slowly Creeping

Canada’s interest rate can have a big influence over an individual’s ability to manage debt and control their finances. Within less than a year, the Bank of Canada has increased its interest rate 3 times. This is a common theme covered in our previous blogs: The Canadian Economy Powered Up, The Bank of Canada Increases…

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Signs That Tell You, You’re in Debt, Find Help

Life provides us with many signs to help us avoid unwanted situations. For example, animals go quite before a storm, our body sweats before it overheats, and creditors notify you when money is owed. We have the ability to avoid most unwanted situations, but, that is easier said then done. It is up to us…

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The Truth about Licensed Insolvency Trustees

Being Licensed Insolvency Trustees (LITs), our goal is to provide assistance to help individuals become debt free. A common false perception of LITs is that they are only necessary to file for bankruptcy. This is not true. Consultations The first option that most Licensed Insolvency Trustees offer is a free consultation. This is very beneficial…

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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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