The recent pandemic has hit everyone hard – including our finances. As a result, many people are stressed and looking for ways to avoid bankruptcy. Unfortunately, the feeling of being overwhelmed by debt was a problem before the pandemic. And now that the pandemic is here, these same people and many more are worried and…
Read MoreCanadians are facing overwhelming debt while living paycheque to paycheque. As a result, over half (53 percent) of Canada’s working population is living paycheque to paycheque, and one quarter is facing overwhelming debt. In addition, credit card debt increased four percent from 53 percent in 2018, to 57% in 2019. This was discovered through the…
Read MoreCanada’s delinquency rate is facing the largest increase in almost two years. The reason is attributed to Canadians increasing their credit card debt and taking longer to pay off auto loans. On June 11, 2019, the credit rating agency Equifax stated in a press release that Canada’s average debt and delinquency rate has risen. Canada’s…
Read MoreOn October 17th, 2016, the Canadian Federal Government introduced “new” mortgage rules to help protect the Canadian economy. The rules protect the economy by preventing Canadians from taking on mortgages they can’t afford. The “new” mortgage rules enforce a stress test that first time home buyers must take. The test measures an individual’s potential to…
Read MoreSaving money is not easy, it takes focus, organization, and determination. It takes ‘focus’ to constantly remind yourself that saving money is a priority. It takes ‘organization’ to better understand how you spend your money. And, it takes ‘determination’ to keep yourself on track and not give in to the temptation of unnecessary spending. Saving…
Read MoreInterest Rates are a hot topic among financial news headlines, and there is good reason for this. Once the Bank of Canada changes their overnight rate, all other bank’s prime rates are affected. In addition, interest rates change continuously, and this fluctuation directly affects your personal finances. Interest Rates in the Past The last decrease…
Read MoreThe beginning of 2019 gives opportunity to learn new habits, and a great habit to start with is to better manage money. “Manage money,” it is easy to say, but much harder to do. Many of us struggle to manage money, where it comes naturally to others. So, what are those “others” doing that the…
Read MoreAs 2019 begins, several events that have a major impact on the world’s economy are in motion. These events affect the world’s economy, they affect Canada’s economy, and they affect your personal finances. In fact, the personal finances for a few Canadians have already been affected. Canada’s Economy & Financial State According to Statistics Canada,…
Read MoreThe health effects of bad debt can significantly impact your life. When looking deeper into debt, it is defined as having an obligation to repay something in return for something received. The responsibility of having to repay something back, can impose unnecessary stress. A study conducted by Dr. John Gathergood of the University of Nottingham…
Read MoreFixed rate mortgage or variable rate mortgage, which one is best for you? This is one decision that can weigh heavily on your finances. In addition, with the Bank of Canada continuously increasing the overnight rate, this decision will significantly impact your finances. The Bank of Canada meets every six weeks to make the decision…
Read More