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S C

Dealing with Debt: A Consumer's Guide - Office of the Superintendent of Bankruptcy Canada - 0 views

www.ic.gc.ca/...br01861.html

debt consumer guide canada government

shared by S C on 17 Jan 13 - No Cached
  • You have a debt problem, or are going to have one, if: you continually go over your spending limit or you use your credit cards as a necessity rather than a convenience; you are always borrowing money to make it from one payday to the next; your wages have been garnisheed to pay for outstanding debts; you pay only interest or service charges monthly and do not reduce your total debt over many months; creditors pressure you for payment, threaten to sue or repossess your car, furniture or television, or hire a collection agency to recover the money for them; or utility companies cut off service because your bills have gone unpaid.
  • Possible Solutions
  • Contact your creditors Explain why you can't make your payments and suggest making lower payments over a longer period of time. You may be surprised by how many creditors are willing to accept such arrangements.
  • ...5 more annotations...
  • It is important to stop buying on credit. Continuing to use credit could make your debt load too great for you to handle.
  • Under the Bankruptcy and Insolvency Act you may make a consumer proposal to your creditors to reduce the amount of your debts, extend the time you have to pay off the debt, or provide some combination of both.
  • If none of the above methods solves your debt problem, you may choose to declare bankruptcy. Bankruptcy should be a last resort if you cannot meet your financial obligations through affordable payments over a specific period of time. Bankruptcy is a legal process performed under the Bankruptcy and Insolvency Act. Because of your inability to pay your debts, you assign all of your assets, except those exempt by law, to a licensed trustee in bankruptcy. This process relieves you of most debts, and legal proceedings against you by creditors should stop.
  • How does one declare bankruptcy? First, you meet with a trustee in bankruptcy who will assess your financial situation and explain the options available to you as described earlier. If you decide to declare bankruptcy, the trustee will help you complete several forms that you will have to sign. You are considered a bankrupt only when the trustee files these forms with the Official Receiver.
  • What is the effect of a bankruptcy discharge? The bankrupt is released of most debts. Some debts are not released, however, such as an award for damages in respect of an assault; a claim for alimony, spousal or child support; any court fine; a debt arising out of fraud or misleading representation; or debts or obligations for student loans if the bankruptcy occurs while the debtor was still a student or within seven years after the bankrupt ceased to be a student
  • S C on 17 Jan 13
     
    Canadian government article advising consumers about debt, such as recognizing danger signs, various methods to deal with it, and information on declaring bankruptcy in case consumers are unable to pay off their debts.
S C

Household debt - Wikipedia, the free encyclopedia - 0 views

en.wikipedia.org/...Household_debt

household debt

shared by S C on 17 Jan 13 - No Cached
  • Household debt soared in the years leading up to the Great Recession
  • Twenty years ago, the average American household’s debt was 83 percent of its income; by a decade ago, that had crept up to 92 percent; but by late 2007, debts were 130 percent of income
  • All this borrowing took place both because banks had abandoned any notion of sound lending and because everyone assumed that house prices would never fall. And then the bubble burst
  • ...3 more annotations...
  • Household debt can be challenging to reduce. Major approaches include: 1) Paying down debt over time from income or accumulated savings, if available; 2) Debt write-down or refinancing via negotiation, bankruptcy or government bailout; and 3) Inflation.
  • Debt can be reduced via negotiation with creditors or a legal bankruptcy process
  • If wages increase due to inflation, but debts remain fixed, the debts can be more easily retired
  • S C on 17 Jan 13
     
    Household debt contributes to recessions and depressions, one major cause is banks lowering their lending requirements to make more money. Household debt can be reduced through income and savings, debt negotiations and inflation.
lebiez piranaj

Consumer debt loads grow at fastest pace in 2 years - 3 views

www.cbc.ca/...transunion-debt-credit.html

consumer debt fastest pace

shared by lebiez piranaj on 25 Nov 12 - No Cached
  • Canadian debt loads grew at their fastest pace in two years during the summer
  • Credit reporting agency TransUnion's latest quarterly analysis of Canadian credit trends found average consumer non-mortgage debt jumped 4.6 per cent year-over-year in the third quarter to an average of $26,768
  • Measured on a quarterly basis, debt grew 2.1 per cent in the summer from the second quarter of this year.
  • ...9 more annotations...
  • Canadian instalment loan borrower debt grew 2.3 per cent over the third-quarter of last year to an average of $22,849.
  • — with inflation as measured by the Consumer Price Index up nine per cent and consumer debt jumping more than 37 per cent.
  • A 11 per cent uptick year-over-year in auto loans to an average of $19,228 was the main driver of the growth in overall debt
  • debt loads have increased 400 per cent more than the rate of inflation
  • Borrowing on lines of credit fell 0.2 per cent year-over year, but grew nearly one per cent since the second quarter of the year and sits at an average of $34,050.
  • delinquency levels — those who are late or default on a loan— continue to remain low across all categories.
  • the number of Canadians missing or defaulting on loan payments fell to pre-recession levels
  • household market debt has risen to 163 per cent of disposable income.
  • "We're moving into the Christmas season so I anticipate we might see another high increase year-over-year when we get to the Q4 numbers
  • lebiez piranaj on 26 Nov 12
     
    1. Despite receiving warnings about Canadian debt issues , it turns out that the average credit card debt has actually decreased by one percent while the year-over-year auto loans are now the main driving force behind the overall growth of our debt, why do you think this is happening? 2. Thomas Higgins, TransUnion's vice-president of analytics and decision services said that he believes the reason why consumers continue to ramp up debt is due to the media spreading overly positive news regarding the economy and throwing the readers into a state false optimism. Do you believe this is the case and why?
Erica Yeo

Household debt in Canada - 3 views

www.statcan.gc.ca/...11636-eng.htm

consumer debt canada challenges statistics

shared by Erica Yeo on 17 Jan 13 - No Cached
  • In 1980, the ratio of household debt to personal disposable income was 66%; that ratio recently passed the 150% figure (Statistics Canada 2011). This means that, in aggregate, households owed more than $1.50 for every dollar of disposable income.
  • It also examines whether the relationships between debt and financial capability persist when other characteristics like income and educational attainment are taken into account.
  • younger people and parents with children at home were more likely to hold debt. Individuals under 45 made up 45% of the population, but 54% of borrowers. Similarly, married people with children accounted for 30% of the overall population, but 39% of debtors. They were also more likely to have higher levels of debt. Couples with children held one-half of all household debt, with an average debt of $144,600, higher than the overall average of $114,400. Similarly, individuals under 45 held 61% of household debt, $129,200 on average.
  • ...1 more annotation...
  • Higher education levels were also associated with an increased probability of holding debt and higher average debt. Individuals with at least some postsecondary education comprised about one-half of the population but almost 60% of those with debt. And university graduates had an average debt that was 60% higher than those with less than postsecondary education—$145,400 compared to $90,900.
lebiez piranaj

Canadian Household Debt: Poll Finds We May Be In Debt Longer Than We Think - 1 views

www.huffingtonpost.ca/...n-household-debt_n_940426.html

canadian debt poll finds money saving tips

shared by lebiez piranaj on 18 Jan 13 - No Cached
  • TORONTO - If experience is any indication, many Canadians could find themselves in debt years longer than they originally expected, according to a new poll issued Monday by CIBC.
  • For example, Canadians 25 to 34 on average told the pollsters they expected to be debt-free by age 44. However, the poll found that only 18 per cent of those now in the 45-to-54 age group were, in fact, debt-free.
  • "Being debt-free is a long-term financial goal for many Canadians, and this poll suggests Canadians are actively looking ahead to the stage of life they will be in when they successfully pay off all of their debt,"
  • ...1 more annotation...
  • the poll also disclosed that many Canadians see themselves as having debt for the long term, with eight per cent of poll respondents believing they will be into their 70s before their debts are paid off and 10 per cent of respondents saying they will never be debt-free.
  • lebiez piranaj on 18 Jan 13
     
    According to a poll disclosed from CIBC, tells us that many Canadian are finding themselves in debt for longer periods of time then they had originally expected. 
S C

As consumer debt grows, Mark Carney says ready to act if necessary | Debt | Personal Fi... - 1 views

business.financialpost.com/...ns-deeper-in-debt-than-thought

consumer debt personal finance

shared by S C on 16 Jan 13 - No Cached
  • emerging
  • While consumers are still spending and loading up more debt, Canadian corporate leaders are pulling back on their business plans because of weak global economic growth
  • debt-to-income ratio rose to 163.4%
  • ...9 more annotations...
  • Household debt is viewed as the biggest threat to the Canadian economy
  • much of that acquired through low mortgages rates
  • Monday’s survey showed 44% of companies plan to increase employment levels over the same period — compared to 59% in July — while 18% said those levels would decline.
  • That rate continued to rise to another record high in the first half of 2012, the federal agency said. In 2011, the ratio of household debt to income was 161.7%, up from 150.6%, under a new system of economic accounting adapted by agency.
  • Firms are generally more circumspect about near-term investment decisions and are focusing on minimizing costs,
  • ost businesses are evenly split at 35% between faster and slower sales growth expectations
  • In its autumn Business Outlook Survey, the central bank said companies “have tempered their expectations for business activity.”
  • Canadian households are continuing to pile on debt at a record pace, while corporate leaders are pulling back on their business plans because of weak global economic growth and uncertain demand.
  • While Canada’s economy is being affected by the global angst, the key areas of uncertainty abroad are all points of justifiable confidence here at home
  • S C on 18 Jan 13
     
    Consumer debt is becoming a larger threat to the Canadian economy as a whole. Meanwhile, businesses stopped expanding due to weak global growth.
lebiez piranaj

Car loans drive Canadian consumer debt to record high $26,768 - The Globe and Mail - 2 views

www.theglobeandmail.com/...article5248875

consumer debt auto loans higher

shared by lebiez piranaj on 18 Jan 13 - No Cached
  • Canadian consumer debt hit a record high in the third quarter, driven by loans to purchase new cars
  • The average Canadian’s non-mortgage debt reached $26,768 in the third quarter
  • fastest pace of debt accumulation in nearly two years
  • ...6 more annotations...
  • ransUnion said Wednesday that consumer debt in the third quarter increased at its fastest rate since the end of 2010, jumping 4.6 per cent on an annual basis and 2.1 per cent from the previous quarter
  • the debt levels are certainly moving in the wrong direction
  • Auto borrowing debt climbed 11.25 per cent from a year earlier and 1.84 per cent from the previous quarter
  • One possible reason, Mr. Higgins said, is that during the recession, Canadians held off getting new cars and paid off their leases, driving auto loans lower
  • people have started thinking that it is time to get a new car
  • “Today, people can carry this debt, but if we do get a big shock, like higher interest rates or job losses, then we will get hit.”
  • lebiez piranaj on 18 Jan 13
     
    The article mentions about how auto loans have increased substantially in the past few years and that this may be because auto loans have lower interest rates. But it also mentions that the economy is recovering and another hit could affect us because we are borrowing so much. 
S C

Canadian consumer debt level reaches record high | Debt | Personal Finance | Financial ... - 4 views

business.financialpost.com/...ing-more-debt-than-ever-before

canadian debt consumer

shared by S C on 15 Jan 13 - No Cached
  • In the July-September period, households borrowed $27.3-billion, $18.4-billion of that in mortgages, while consumer credit levels increased by $7-billion to $474-billion.
  • “Given the prospects that interest rates will eventually rise, households must cool their spending and borrowing further.”
  • household debt to annual disposable income reached a new high at 164.6%
  • Nikita Klyuev on 17 Jan 13
     
    The new report shows household debt to annual disposable income reached a new high at 164.6%, from 163.3% the previous quarter. In the July-September period, households borrowed $27.3-billion, $18.4-billion of that in mortgages, while consumer credit levels increased by $7-billion to $474-billion. As well, household net worth rose 1% to $197,800 in the July-September period, mostly due to gains in holdings in stocks, including mutual funds, and increased value of pension assets.
  • Rohan Zahur on 17 Jan 13
     
    On a national accounting level, Canada's net worth increased by more than $9-billion in the third quarter to $6.8-trillion. That translates to $194,100 per person.
  • S C on 18 Jan 13
     
    Canadians are taking on more debt than ever before, approaching US debt levels just prior to the housing market crash.
Dyena Huynh

Study: Canadian consumer debt hits $26,768, highest in two years - 1 views

www.digitaljournal.com/...336848

shared by Dyena Huynh on 26 Nov 12 - No Cached
  • Canadian consumer debt grew at the fastest pace since the fourth quarter of 2010
  • Bank of Canada Governor Mark Carney has been warning households of its growing debt rate and officials are continuing to caution that household spending levels are starting to get out of control.
  • Dyena Huynh on 26 Nov 12
     
    1. Why do think consumer debt increased so much? 2. They say that getting consumers to spend more will help boost the economy, but is it beneficial when consumers are going into debt?
  • Brijesh Patel on 26 Nov 12
     
    1. i believe consumer debt has increased drastically because the generation is upgrading really quickly with new things, mainly technology and many people want to be caught up with the latest trends whether it is buying the latest iphone, clothing, real estate, buying a car etc. People begin to borrow heavy loans without thinking of a way to pay back therefore causing a big debt to themselves.
  • Samson Luong on 27 Nov 12
     
    1. I believe consumer debt has increased greatly due to the need to purchase luxuries and unnecessary goods because we live in a society where we live in a society where you feel incomplete if you do not possess a certain good. 2. I think spending money to a certain point is beneficial because it helps circulate cash, however consumers should not be spending to a point where they cannot pay back debts. Also people can spend money wisely rather on unnecessary and expensive goods.
lebiez piranaj

Canada Household Debt Much Higher Than Previously Thought; Housing Bubble Bust-Out Now ... - 2 views

www.huffingtonpost.ca/...-housing-bubble_n_1967269.html

Canadian debt finds higher housing bubble thought money household

shared by lebiez piranaj on 18 Jan 13 - No Cached
  • Canadians, you’re more indebted than you think.
  • StatsCan now says household debt amounted to 163.4 per cent of household income in the second quarter, up from 161.8 per cent in the first
  • Canadians are now carrying more debt than Americans and Brits were at the peak of their housing bubble half a decade ago
  • ...1 more annotation...
  • A recent Capital Economics report estimated a construction slowdown would cost 115,000 jobs across Canada
  • lebiez piranaj on 18 Jan 13
     
    Canadians are more than ever drown in debt. When it comes to comparing with the neighbor (US) we are carrying more debt than them. Market observers argued that Canadian consumers will no longer be able to hold up rising household debt.
Nikita Klyuev

David Rosenberg's 5 reasons Canada's household debt panic is overblown - 0 views

business.financialpost.com/...sehold-debt-panic-is-overblown

canada consumer debt credit advice

shared by Nikita Klyuev on 17 Jan 13 - No Cached
  • Nikita Klyuev on 17 Jan 13
     
    Canadian debt/income ratio isn't as bad as it looks. Because Canadians pay for their health care through their taxes, their disposable income is distorted relative to the U.S. In terms of personal income, the ratio is actually closer to 118%, rather the scary 165%. Canadian household debt relative to assets (19%) and net worth (24%) is below prior peaks of 20% and 25%, respectively. Rosenberg estimates Canada would need to see a 20% drop in the housing market to get net worth/income ratio down to the U.S. level. Canadians have more equity in their homes - 69% of the value compared with 43% in the U.S. "This equity gap is a prime reason why Canadian household net worth/income ratio (at over 500%) is some 35 percentage points above U.S. levels," Rosenberg writes. Canadians are better able to service their debts. Canadian wage growth at 4% a year is about double what it is in the U.S. - a rise that pretty much matches the average interest rate they are paying. The debt-servicing ratio in Canadian households is now just over 7% - a level it has only been below in the past 15% of the time. So even though Canadian interest rates are 75 basis points higher than in U.S, it is not hampering our ability to handle debt.
S C

7 Tips for Avoiding a Lifetime of Debt | PickTheBrain | Motivation and Self Improvement - 2 views

www.pickthebrain.com/...or-avoiding-a-lifetime-of-debt

tips avoiding debt

shared by S C on 18 Jan 13 - No Cached
  • Buy what you need
  • The $70 dollar test
  • If you have a real problem with excess spending, try this test. For a week, give yourself $70 cash, and put away all credit cards. This forces you to live on $10 a day. When you are faced with a strict income, it forces you to be very careful in what you spend. It will make you realise what is really indispensable and which spending is mere extravagance.
  • ...8 more annotations...
  • For example, maybe you get two takeaway coffees per day and one pastry. This can easily add upto $15 a day, which is nearly $100 a week – that’s $5000 a year! We may be reluctant to spend $2000 on a computer because it is a big outlay. But, at the start of the year, would we be so keen to put aside a lump sum of $5000 just for the purchase of coffee and pastries
  • It is easy to forget how much we spend. For example, with credit cards we don’t see the money leave our wallet so it, somehow, seems less real
  • Quite often, by taking these steps we realize our previous spending habits were not at all essential to our happiness.
  • spend some time to learn about the workings of financial issues
  • Make sure you move the debt to the lowest interest paying account possible
  • By keeping interest payments as low as possible, it enables you to pay money to reducing the amount of debt, rather than just paying interest.
  • Spending does not equal happiness
  • If you rely on spending money to gain happiness, you need to think very carefully about whether this is a good way to get satisfaction in life. This is not to say shopping is always bad; the point is that spending money does not equate to real happiness.
  • S C on 18 Jan 13
     
    Some ways to deal with debt are limiting yourself, thinking before spending (do I really this?), using cash instead of credit cards and getting educated about finance to minimize debt when it has to be paid.
A SN

Tom Thorne's ejournal: Economic stagnation in US means whoever wins the US Presidential... - 1 views

tomthorneejournal.blogspot.ca/...ation-in-us-means-whoever.html

Stagnate Economic Growth

shared by A SN on 28 Nov 12 - No Cached
  • The real threat to Canada is not who is in the White House but what they do about the mounting US Government debt now at $16 Trillion plus. To this point there is no will apparent to cooperate for a solution.
  • The real threat to Canada is not who is in the White House but what they do about the mounting US Government debt now at $16 Trillion plus. To this point there is no will apparent to cooperate for a solution.
  • The real threat to Canada is not who is in the White House but what they do about the mounting US Government debt now at $16 Trillion plus. To this point there is no will apparent to cooperate for a solution.
    • A SN
      A SN on 28 Nov 12
       
      Represents the real threat to Canada; USA's economic stagnation
  • ...8 more annotations...
  • The real threat to Canada is not who is in the White House but what they do about the mounting US Government debt now at $16 Trillion plus. To this point there is no will apparent to cooperate for a solution.
  • If the US literally prints its way out of its economic mess, the mess will be compounded. 
    • A SN
      A SN on 28 Nov 12
       
      Problems caused by overprinting money
  • Such an action is guaranteed to create inflation and a rise in interest rates charged to service the debt and also generally for business and lenders of all kinds.
  • Lenders will want more interest to cover the risk of carrying US Government debt loads expressed in diluted valued bonds and currency.
    • A SN
      A SN on 28 Nov 12
       
      The proves that the USA is in really bad debt.
  • Serious debt reduction is needed in the US Congress and Administration.  And there is very little wiggle room to cut US government expenditures. However failure to do so will mean in the middle range of time that the US will become more and more an economic lightweight and hence its world presence will be diminished. That is bad for Canada.
    • A SN
      A SN on 28 Nov 12
       
      If USA falls into a deeper economic stagnation Canada will be widely affected.
  • The US is making itself militarily and financially vulnerable. Canada, no matter how well we manage our financial affairs, will be forced into the same situation as our major trading partner.
    • A SN
      A SN on 28 Nov 12
       
      The US is losing it influence throughout the world. This is a problem.
  • It will be tougher for Canada to retain our natural resources.  Potential deals like the Chinese State taking over Nexen in our oil sands, will become more likely if we want to maintain our own economic performance independent of a financially errant US.
    • A SN
      A SN on 28 Nov 12
       
      problems caused by USA economic stagnation.
  • It really is time for the United States Government and its politicians to bite the economic bullet. Failure to do so means a downsizing of the United State’s influence on the world stage and that can only mean that Canada will need a more independent economic policy as China grows in influence. In short the lack of action on the economic front by our major trading partner is taking us more to Europe and into the arms of the Chinese Government’s hegemony.
    • A SN
      A SN on 28 Nov 12
       
      The consequences if the USA does not change.
  • A SN on 28 Nov 12
     
    Questions: 1. Do you think that eventually Canada will have no choice but to sell its natural resources to the other world powers? Can this be a good change? 2. Canada and the USA share a lot of history and do a lot of activities together, do you think that being financially independent will make us rely less on the US ?
Brijesh Patel

Canadian consumer debt soars 53 per cent - 1 views

ca.finance.yahoo.com/...ars-53-per-cent-155008666.html

consumer debt

shared by Brijesh Patel on 26 Nov 12 - No Cached
  • Brijesh Patel on 26 Nov 12
     
    - In the past 5 years, consumer debt has increased by 53% - The most borrowing occurring in the two years right after the global financial crisis. - Canada's household debt to income ration jumped to 163.4% - Canada's debt-to-income ratio has now reached a record high, topping levels seen in the U.S - Currently, the Canadian housing market is in a state of decline, with home sales dropping 15 per cent in September.
  • Brijesh Patel on 27 Nov 12
     
    #2 what is causing the debt ratio to increase drastically ?
faseehthemoonman

Consumer Debt - 7 views

Question #1 As the holiday season approaches, will consumers be able to go back to the old ways of gift giving, or will the Grinch (monkey) on their back, make them over spend and increase consume...

consumer debt

started by faseehthemoonman on 26 Nov 12 2 follow-ups, last by faseehthemoonman on 26 Nov 12
Brijesh Patel

Drowning In Debt? - 2 views

www.theglobeandmail.com/...article7354916

shared by Brijesh Patel on 17 Jan 13 - No Cached
  • Some basic tips: “Don’t add any more to your debt,” Mr. Schwartz said, “Put your credit cards away. Stop using your line of credit. Live on cash or debit.”
  • Canadian borrowing levels have hit record levels, with household debt-to-income ratio recently reaching a high of 164.6 per cent, according to Statistics Canada.
  • But consulting a trustee, which comes with no charge, doesn’t always mean filing for bankruptcy, he explained. Trustees can help set budgets, steer consumers toward consolidation loans, mortgage refinancing or consumer proposals as a way to climb out of debt, he said.
  • ...1 more annotation...
  • Pay down the debt with the biggest interest rate first, or select a small debt, and pay it off.
  • Brijesh Patel on 18 Jan 13
     
    Pay down the debt with the biggest interest rate first
  • Brijesh Patel on 18 Jan 13
     
    In 2011, 77,993 consumers filed for bankruptcy
lebiez piranaj

Even Boomers are getting pummeled by student loan debt | Business Insider | Financial Post - 1 views

business.financialpost.com/...-pummeled-by-student-loan-debt

boomers student loan business debt

shared by lebiez piranaj on 17 Jan 13 - No Cached
  • Americans over 60 still owe 4.2% of student loan debt, according to the Federal Reserve Bank of New York.
  • Ten per cent of those loans are delinquent, while another 11.2% are in default.
  • Three factors account for the loans: Attending college after high school, going back as an adult, or co-signing for a child’s loans
  • ...10 more annotations...
  • Stay organized
  • The government’s National Student Loan Data System tracks all your federal student loans, making it just a bit easier to stay on top of what (and who) you owe money to
  • See if you qualify for debt forgiveness
  • Have a talk with your lender
  • Consolidate monthly payments
  • consolidating the loans might make things easier—that is, if you don’t choose a predatory service
  • Pay off private student loans first
  • Private student loans almost always have higher interest rates and less repayment flexibility, so it’s best to address them first, says Miranda Marquit, personal finance writer for Yielding Wealth
  • Depending on your professional field, you could qualify to have part or all of your federal student loans erased
  • If you’re having trouble keeping your head above water, just calling your lender could cut hundreds of dollars from your monthly tab
Brijesh Patel

Consumer Debt loads grow at fast pace in 2 years - 0 views

www.cbc.ca/...transunion-debt-credit.html

debt hits new ratio

shared by Brijesh Patel on 18 Jan 13 - No Cached
  • Brijesh Patel on 18 Jan 13
     
    Canadian debt loads grew at their fastest pace in two years during the summer
  • Brijesh Patel on 18 Jan 13
     
    Non-mortgage debt jumped 4.6 per cent
  • Brijesh Patel on 18 Jan 13
     
    Household market debt has risen to 163% of disposable income
lebiez piranaj

What are some good reasons to borrow money? - The Globe and Mail - 1 views

www.theglobeandmail.com/...article4184887

tips saving money debt

shared by lebiez piranaj on 18 Jan 13 - No Cached
  • 2. Buy a car
  • Some people pay cash for a car, but most of us borrow or lease. Always weigh the cost of borrowing against using your own savings.
  • 3. Save for education
  • ...5 more annotations...
  • Student loans are one of the cheapest forms of debt. They are also a good investment
  • Another way to finance part of your child's education is through a Registered Education Savings Plan (RESP)
  • 7. Pay off debt at a lower interest rate
  • A consolidation loan is a loan at a low rate, which you use to pay off several older loans that have higher interest rates
  • Others pay off their loans and credit cards by increasing their mortgage, which may have a low interest rate.
  • lebiez piranaj on 18 Jan 13
     
    The article talks about strategies on how to save for things like education, on saving for a car, how to pay off your debt at lower rates as well. 
faseehthemoonman

Consumer Debt: Canadians Focusing On Paying Off Bills, Worrying Less About Retirement - 0 views

www.huffingtonpost.ca/...nada-cibc-study_n_2395618.html

consumer

shared by faseehthemoonman on 17 Jan 13 - No Cached
  • Overall, the poll done for the bank by Harris/Decima showed 17 per cent of respondents selected debt reduction as their main priority in 2013
  • Managing day-to-day spending/budgeting came in third, selected by eight per cent of respondents and down from 14 per cent last year
  • At the same time, debt management increased as a priority for that age group to 18 per cent from 14 per cent
  • ...2 more annotations...
  • Having been named the top priority three years in a row, there is an opportunity for more Canadians to turn awareness of debt management into action and outline some clear steps towards paying down their debt in 2013
  • 2,009 adults 18 years of age and over and is considered to have a margin of error of plus or minus 2.2 percentage points 19 times out of 20.
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