Canadians Doing Nothing About Debt
“There’s been a lot of talk this year about us Canadians and our debt. And a lot of that talk has revolved around how we know just how much debt we have and that we’re not worried about it. But, do we really know how much debt we’re currently holding? And if so, why aren’t…
Read moreHow to Really Save While Shopping Online for the Holidays
Canadians are trying to reduce their debt, and we’re trying to keep more in our savings too. Good for us, but the holidays are a very hard time to do either of those things. And if you’re like most Canadians, to keep on track, you’ve been keeping your ear to the ground listening for those ever-important money-saving holiday tips. There are a lot of them, but the one that comes up most often: do most of your shopping online! Yes, shopping online is definitely much more convenient, and it can save you money, as more retailers are starting to offer online-only discounts. But in order to make sure that shopping your PJ’s is really saving you money make sure to have these tips close at hand so you don’t end up taking out a second mortgage just to pay for the holidays.
Read moreThe Smart Way to Use a Credit Card
We all know that when it comes to borrowing, it’s always smarter to tap into your home equity using things like a home equity loan or a HELOC instead of using high-interest credit cards. But in an ideal world, we also like to have that small piece of plastic tucked away for emergencies, or to use while we’re rebuilding our credit. Credit cards can be very helpful, but you can get even more out of the one you use if you know how to use it wisely.
Read moreThis Week’s Financial Round-Up
In case you missed any of it, here’s our roundup of this week’s blog posts
Read moreHomeowners Prefer Renovating Bathrooms and Kitchens
A new BMO poll found that most Canadian homeowners (83 percent) will make renovations to their home over the next two years. The most interesting finding is that homeowners are shrewd investors who understand very well which renovations will add value to their home and which will be wasted money (at least from a value…
Read moreCanada’s Consumer Debt Situation Not As Bad As We Thought
Some positive news out of a recent CIBC report shows that Canadians have significantly slowed down their accumulation of consumer debt over the last year. While total debt rose 1.8% over the last quarter, outpacing the 0.7% increase in income, consumer debt (that is, total debt minus mortgage debt) rose at the same rate as…
Read moreTapping Into Home Equity to Deal With Credit Card Debt
A Statistics Canada report released on Monday presents some startling facts about the level of household debt that we as Canadians have taken on. In total, household debt among Canadians has reached $1.5 trillion. This equates to $176,461 for each two-child household. While we have long taken pride in being more fiscally responsible than Americans,…
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