Two of Canada’s largest lenders, RBC and Scotiabank, had their credit ratings downgraded last week by Fitch and Moody’s respectively. What’s behind this downgrade – and should banking consumers worry?
The latest Equifax Canadian debt levels report finds consumers owe a total of $1.5 Trillion! Why are our debt levels so high – and how can you minimize yours, especially during the pricey holiday spending season? Read on for our tips.
Can Canadians really afford to own cars? A study finds auto loans are on the rise – and that they represent an amount of unsecured debt that could pose danger to Canada’s economy. Read on for the full story.
Whatever happened to actually saving for a purchase? With Canadian debt levels at an 8-year high, it’s safe to say saving has become an antiquated concept. But when it comes to your mortgage, upping the down payment ante can make a HUGE difference for your return on investment. Want to learn more? We’ve crunched the numbers for you with our new Mortgage Calculator!
Bank of Canada Governor Mark Carney has repeatedly warned Canadians to simmer down on their borrowing costs – but that hasn’t stopped us from racking up a new 8-year record high debt level. According to credit bureau TransUnion, average Canadian debt levels (excluding mortgages) reached $26,221 in the second quarter – an increase of $192.