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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.
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.
Cristina Raileanu

Consumer Debt - 6 views

1) again this question is an individual decision, I personally would cut back on my weekly spendings on luxuries, and be happy with, especially if I have something particular I am saving for. Also,...

started by Artur Dyachenko on 27 Nov 12 2 follow-ups, last by Cristina Raileanu on 07 Dec 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
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

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

5 Things to do when you're unemployed. Hint: It's not job hunting. | Penelope Trunk Blog - 0 views

blog.penelopetrunk.com/...loyed-hint-its-not-job-hunting

things to do unemployed job hunting

shared by S C on 16 Jan 13 - No Cached
  • the interview question: What happened at your last job?Here's the answer you should always give: “I left to do x.” And you fill in for x
  • what you should be really focusing on when you are unemployed: Learning and growing
  • Because this is what you are going to talk about in job interviews
  • ...13 more annotations...
  • when you talk about why you left the last company, you spin it in a positive light by talking about how you are excited about doing what you are doing. Your interview should include you telling a good story about focused personal growth, and no one will get stuck on why you left your last job
  • During one stint of unemployment, I worked for free for my boyfriend's company for a couple of hours a day. That way I didn't actually have a gap in my resume; a resume doesn't show part-time or full-time and it doesn't show pay or no pay
  • ocus on ambition and execution and not so much on work per se
  • The company that never got out of your parent's basement can sit on your resume as professionally as a stint in the Fortune 500. It's all about how you write the bullet points: talk about accomplishments and learning
  • Put your ideas out into the world and connect with people that way. This is why you want to be hired, right? For your ideas. So show them.
  • The reason that people who blog have great careers is that bloggers are always thinking about issues in their industry. Show that side of yourself to people. Blogging takes a lot of time, sure. Bu you have a lot of time. So use it.
  • Do you have a company idea? Try it now. During unemployment. There's nothing stopping you.
  • whether or not your company does well, you'll be able to talk about it in an interview as a huge learning moment
  • Blogging is a great way to keep up in your industry, network without looking desperate
  • High performers practice for interviews
  • Practice talking about yourself with everyone
  • So now you know what you're aiming for, but you need to talk about it with everyone — parties, at the gym, on the phone with friends. When they ask how you're doing, talk about what you're doing like you are in the job interview.
  • What's important to remember here is that no one can tell you what experience you can gain and what you can't. You don't need a job in order to learn cool stuff and be on cool projects. You control what you do with your time and you can make it useful. Talk about that. There is no reason to talk about why the last job didn't work when you can talk about the great things that leaving opened up to you
  • S C on 16 Jan 13
     
    Job hunting for 8 hours a day isn't the ideal way to get rehired. Instead, focus on spinning a positive light on negative questions your next interviewer might ask. For example, when asked why you left your last job, quickly get to why you're interested the one you'er applying for.
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

10 Things You Need To Do While You're Unemployed - Forbes - 1 views

www.forbes.com/...d-to-do-while-youre-unemployed

unemployed forbes what to do

shared by S C on 16 Jan 13 - No Cached
  • zimbello If you can accomplish the writers list you don’t need corporate. Corporate needs you. Put your skills to work for yourself…far more rewarding. Glen Loock Read the article and loved what it says, “Rely on yourself”. This is a new time and it requires a change in our thought pattern. All ten are great ways gai [...] Philippe Scheimann These are indeed 10 excellent points. I would actually expand in the point of ‘start a professional blog’ by actually ‘establish your presence on the Inter [...] Henry Cameron Chang Great article with a great message. This has been something I’ve been telling people for a long time. Fredick Anquandah Interesting piece of advice there…Thanks for that on ma way to the first step and hope it gets me there… Laura Ede I agree – taking a temporary/contract role is an option that job hunters should consider. After spending 10 years in the Public Sector I was made redundant [...] Susan Keefe Unfortunately, I find myself among the unemployed so articles such as this have consumed a good deal of my time lately. These are great tips, especially fo [...] 20 comments, 12 called-out Comment Now Follow Comments Following Comments Unfollow Comments Comment Now Follow Comments Following Comments Unfollow Comments 2.9k 1.2k 888 gigya_share_button_li
  • vast majority of employers are sympathetic to such circumstances.
  • More than 40% of unemployed job seekers have been out of work for six months or longer
  • ...10 more annotations...
  • But this doesn’t mean you can sit around and wait for a sympathetic employer to offer you work.
  • The key is to get people to see your work and to see what you’re capable of doing
  • “The worry is that employers may think job seekers are losing some of their skills because they haven’t been utilizing them. By volunteering, taking temporary work, or signing up for a class that develops your professional tool kit, you show employers that you’ve made the most of your time and will be ready on day one
  • If you fill the gaps with activities and experience that illustrate how you are still developing your skill sets, the overwhelming majority of employers will look past your unemployment and focus on what you can bring to their team
  • Take a temporary or contract assignment
  • If you do a great job, even if it’s for a temporary job, whoever hired you is more likely to recommend you for a permanent position
  • You never stop learning in your career, so the more technical competence you have, the better
  • showing that you are serious about your work and that you take initiative.” Another advantage to taking a class: It’s a great networking opportunity.
  • When you volunteer for something, you are telling potential employers something about you as a person
  • When companies are hiring, they are looking not only for people who can get the job done but also for people with character and integrity
  • S C on 16 Jan 13
     
    Many employers understand that the recession may worsen some parts of the resume, but they are sympathetic and some ways to better your chances are to take temporary assignments, take a class and volunteer when unemployed
Cristina Raileanu

Canada's dirty economic secret: we're as indebted as the rest of you | Colin Horgan | C... - 0 views

www.guardian.co.uk/...ada-dirty-economic-secret-debt

canada consumer debt

shared by Cristina Raileanu on 17 Jan 13 - No Cached
  • is acknowledged to have weathered the economic storm better than any other major western economy, bank bailouts have been avoided, sustained growth has returned,"
  • "highest credit rating in the world,
  • Canada learned some sound policy lessons from its own financial and economic meltdowns in the latter decades of the 20th century, a lot of us are now personally up to our eyeballs.
  • ...3 more annotations...
  • Canadian "household debt as a percentage of disposable income has risen by almost 60 percentage points to 165% today,"
  • The bulk of this rise in debt – 66%, or $636 bn – has been in the form of mortgage debt, putting Canadians in an uncomfortable neighbourhood
  • between Spain and the United States in the ranking of household mortgage debt,"
Cristina Raileanu

Paying down debt Canadians' main focus in 2013: poll - The Globe and Mail - 1 views

www.theglobeandmail.com/...article6841809

down paying debt

shared by Cristina Raileanu on 17 Jan 13 - No Cached
  • Managing day-to-day spending/budgeting came in third, selected by eight per cent of respondents and down from 14 per cent last year.
  • 45-64 named retirement planning as their top financial priority, which fell to just 12 per cent among that age group in this year’s survey.
  • “Even small contributions today can make it easier in future years to reach your retirement savings goals,”
  • ...1 more annotation...
  • debt management increased as a priority for that age group to 18 per cent from 14 per cent.
tyler wiliams

Broadbent Institute makes income inequality its first focus - 0 views

www.cbc.ca/...itute-first-policy-report.html

income inequality canada plan

shared by tyler wiliams on 18 Jan 13 - No Cached
  • tyler wiliams on 18 Jan 13
     
    Most of the income gains of the past three decades, the report argues, were realized by only wealthy Canadians. The paper suggests that social and economic rights be added to the Charter of Rights and Freedoms alongside Canadians' political and civil rights, in order to fulfil its "security of the person" provision. For every dollar increase in national earnings over the last 20 years more than 30 cents have gone to the top one per cent while the remaining 70 cents have been shared across the other 99 per cent of Canadians. The final section of the report is prescriptive, outlining several ways to combat growing income equality: -Good jobs: changes to economic policies to promote the growth of middle-class jobs, including trade and foreign investment policies that protect labour rights and environmental standards and strong investments in child care, public education and skills training. -Income supports: changes to the government programs targeted at low-income Canadians and those in short-term need, such as employment insurance, Old Age Security, the Canada Pension Plan, provincial welfare systems and other income supports and tax benefits targeted at low-income families with children and the working poor. -Expanding public services: the report argues that for the majority of Canadians public services are a good deal; The value of education, health care, child care and other public services annually exceeds the taxes paid by middle-class and low-income Canadians. At the same time, some reforms are needed, it acknowledges. -Fair taxes: changes to Canada's tax system are necessary, it argues, pointing out Canada's taxes as a share of national income (31 per cent) are below the average of the world's industrialized countries (34 per cent), squeezing funding for public services.
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