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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
  • the debt levels are certainly moving in the wrong direction
  • ...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
  • fastest pace of debt accumulation in nearly two years
  • 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. 
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.
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
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
faseehthemoonman

High unemployment to persist in Canada: analysts | CTV News - 1 views

www.ctvnews.ca/st-in-canada-analysts-1.581245

unemployment canada

shared by faseehthemoonman on 17 Jan 13 - No Cached
  • unemployment rate bobbing within a narrow band 0.1 percentage points above or below eight per cent.
  • unemployment rate will average 7.7 per cent next year and will still be above seven per cent in 2013, long after the economy has returned to normal.
  • rate of joblessness approaches 17 per cent
  • ...4 more annotations...
  • Although Canada has recouped the more than 400,000 jobs that vanished during the downturn, there are still more than 300,000 officially
  • He notes that the biggest hit on jobs since the 2008 crisis has been to manufacturing, warehousing and transportation -- three related industries
  • The new full employment level is likely a rate of about seven per cent, agrees Douglas Porter of BMO Capital Markets, as opposed to six to 6.5 per cent before the recession.
  • According to his forecast, Canada's unemployment rate will reach that level by the end of 2012, when the Bank of Canada estimates the economy will be back at full capacity.
S C

Youth unemployment: a serious problem in Canada - Yahoo! Finance Canada - 1 views

ca.finance.yahoo.com/...-problem-canada-182837006.html

youth unemployment canada yahoofinance

shared by S C on 16 Jan 13 - No Cached
  • Canadian job market is faring well unless you're a student seeking well-paying summer work or a graduate
  • Canada's total jobless rate currently sits at an acceptable 7.4 per cent. But for those in the 15- to 24-age bracket, the unemployment figure is much higher: 14.7 per cent.
  • Typically, youth unemployment is double that of the national average
  • ...24 more annotations...
  • the obstacles youth must overcome to finding gainful employment — be it temporary summer work or a permanent position — has never been more daunting.
  • the youth are always the hardest hit and they take the longest time to get out from under the recession impact on employment.
  • There's just not enough (jobs) to go around. So if students aren't out there early and aggressively they won't get one
  • f you've graduated (from college or university) and you want to start paying off your (student loan) debt and get on with your life, it's very difficult to do that on a part-time job."
  • "There's a lot of part-time activity happening but i
  • Parents would've expected their 20-something children to be independent but they're just not able to do that
  • "Hopefully, both parents are working and they're able to stay at home but for a lot of young people that's just not possible."
  • in big cities like Toronto, there are more youth seeking out homeless shelters
  • Job experience tends to be the biggest hurdle for the 15- to 24-year-old age group when it comes to impressing an employer.
  • "There are a lot of youth that are still demanding that they get paid for entry-level work assignments. I think that that is a bad choice for youth.
  • The first couple of jobs they do by way of an unpaid intern gives them a leg up," Parker says.
  • Many of those unpaid intern programs end up as full-time, paying careers for them and every major employer across the country has dedicated unpaid intern programs.
  • Work experience is absolutely critical. No matter what you graduated with, if you don't have real work experience you're going to have a challenge."
  • Meanwhile, there's little help coming from provincial and the federal government these days it seems. Austerity budgets at the both government levels are seeing civil servants laid off.
  • there's no encouragement at this point by the federal government for the private sector to do job creation (for youth).
  • What you study can be the difference
  • If young people choose to go the route of college, they can get excellent job skills and they have a higher placement rate directly from college into work.
  • current and future post-secondary students need to take a hard look at what their course of study is and whether or not it'll lead to employment upon graduation.
  • "When I talk to high school teachers and guidance councillors about the kind of programs being offered to youth talk about 'what's your dream job?' versus educating kids on what jobs will be available to them," she says.
  • Know how to sell yourself
  • the secret to landing a job is in knowing how to sell oneself.
  • "You have to be as competitive as someone who's been in the job market for 10 years," she says. "You've got to know how to do a job search, how to write a résumé, and you need to convince the employer that even though you haven't done a job before that you're a quick-learner and you're creative."
  • *Target respected employers that best matches your skill set
  • *Offer to do free summer work for the sake of gaining experience and don't be picky about what's offered *When applying to post-secondary institutions, choose schools that provide intern programs *Be knowledgeable about where employment demand will be in the future and ensure your skills are also in demand
  • S C on 16 Jan 13
     
    Youth unemployment is high because of little or no job experience, type of major isn't in demand, and not knowing how to sell oneself, which causes problems like 20 year old people living with their parents
Cristina Raileanu

Toronto stock market advances, commodities rise | CP24.com - 0 views

www.cp24.com/...ces-commodities-rise-1.1108337

commodities rise canada

shared by Cristina Raileanu on 17 Jan 13 - No Cached
  • es for higher demand pushed up commodity prices. Strong demand for commodities from
  • Gold prices also climbed with the February contract up $22.50 to US$1,678 an ounce, pushing the gold sector ahead about 2.2 per cent. Goldcorp Inc. (TSX:G) climbed $1.26 to C$36.68 while Iamgold Inc. (TSX:IMG) gained 20 cents to $10.73.
  • The energy sector was ahead 0.44 per cent while the February crude contract gained 72 cents to US$93.82 after earlier hitting a three-month high of US$94.70 a barrel. Prices also got a boost from a report that Saudi Arabia cut its crude production by nearly five per cent last month to the lowest level in 19 months.
  • ...4 more annotations...
  • Suncor Energy (TSX:SU) was 31 cents higher at C$33.58 while Canadian Natural Resources (TSX:CNQ) advanced 51 cents to $26.69.
  • The information technology sector gained 1.4 per cent with Research In Motion Ltd. (TSX:RIM) ahead 39 cents to $11.79.
  • In Canada, Astral Media Inc. (TSX:ACM.A) said Thursday that its first-quarter profit was $59.6 million or $1.05 per share, beating analyst estimates. Revenue rose to $274.5 million, which was about $3 million below analyst estimates but higher than a year before. The company has a friendly deal with BCE Inc. (TSX:BCE), which is seeking regulatory approval to buy Astral for about $3.38 billion. Astral edged up 31 cents to $47.21.
  • Canadian pharmaceutical chain Jean Coutu Group (TSX:PJC.A) on Thursday reported stronger sales and a quarterly profit that beat analyst estimates by a penny per share.
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