Canadian Debt Reaches 8-Year High
Debt Repayment / Economic News / Personal Finance News

Canadian Debt Reaches 8-Year High

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. Continue reading »

What Is Libor – and How Can It Affect Me?
Economic News / Growing Your Money / Savings

What Is Libor – and How Can It Affect Me?

Recent finance headlines are full of news on the Barclays Libor scandal. For those not familiar with the global interbank lending interest rate, the news puts into question the validity of trillions of dollars in loans granted between 2006 and 2008. Will Canadian finances be affected? If their bank used this benchmark rate to trade with international financial institutions during this time period, they very well could be. Continue reading »

Self Employed? EI Is Still Possible

Self Employed? EI Is Still Possible

Being your own boss certainly comes with some sweet perks- nothing beats creating your own schedule and choosing your work. But self employment can leave you more vulnerable in times of need, and present unique challenges if you’re looking for some extra cash. Fortunately, you are still eligible for employment insurance and loans – the key is to be prepared. Continue reading »

If The Bank Is Calling To Lend You Money – HANG UP!

If The Bank Is Calling To Lend You Money – HANG UP!

The ease in which Canadians can get their hands on borrowed funds is astonishing. When I sat down to write this piece, I wanted to talk about the newest Statistics Canada report on Canadian debt levels, which are extraordinarily high. As I started writing my phone rang and the conversation that ensued blew my mind. I was experiencing first hand how easy it is to get into debt. Continue reading »

What Should you be Saving for?

What Should you be Saving for?

Let’s be honest; most of us don’t start saving for something until we really want it – by then most of us wish we started saving a heck of a lot earlier. When we’re younger we save for smaller, more attainable things, like CDs, concert tickets and new clothes. As we mature, we start looking at the bigger picture. There are many reasons why you might want to start saving some money. Continue reading »

Greek Debt Part 2: Canada May Not Be As Lucky This Time
Economic News

Greek Debt Part 2: Canada May Not Be As Lucky This Time

For the second time in 12 months the Greek debt crisis is threatening to derail the already shaky global economic recovery. The country is close to default again and they want the core European countries, France and Germany, to bail them out, again. Last year Canada emerged unscathed, but this year, Finance Minister Jim Flaherty is saying our nation faces a “real danger” of contagion. If Greece defaults, Flaherty’s biggest concern is Canada’s banking system could be damaged by the ripple affects. Continue reading »