Even though many of us are still decades away from retirement, it’s a constant worry. Nobody wants to run out of cash during their golden years.
With record housing prices, higher food costs, and increasing financial commitments despite stagnant salaries, saving for retirement is tougher than ever. And with interest rates hitting record lows, it’s hard to get decent returns–especially from fixed income.
The largest private residential mortgage insurer in Canada says many of its customers would have difficulty meeting new rules introduced by the federal government this week.
Based on data accumulated so far this year, Genworth MI Canada Inc. estimates that more than one-third of insured mortgages, predominantly acquired by first-time homebuyers, would have difficulty meeting required debt-service ratios.
The number of homes sold in Calgary rose for the first time in nearly two years in September, according to the latest data from the Calgary Real Estate Board.
With 1,488 properties sold, overall home sales were up nearly 2.1 per cent from September 2015 levels, snapping a 21-month streak of year-over-year declines.
What is the balance owing on your credit card or cards? When you make a payment were does it go? Is it paying the interest or is it paying the down the credit card?
Do you have a bucket list, meaning things you want to do and don’t because you can’t afford it? Have you been using credit to cover off some of the things on your bucket list?
On Tuesday Statistics Canada reported that the debt-to-disposable income ratio for the average Canadian is 165%, near record highs. For every $1 of disposable income, the average person now has $1.65 in debt. Canada has seen the largest increase in household debt relative to income of any major developed country since 2000.
Canadian household debt as a percentage of income edged lower in the first quarter but remained at elevated levels as consumers continued to borrow, a trend economists do not expect to reverse any time soon.
A Halifax woman is warning others to think twice before buying a pre-paid credit card at the grocery store or pharmacy, calling the fees that come with them "a rip-off."
Angela Gerard received her first MasterCard gift card for her birthday.
The number of Alberta loans (aside from mortgages) at least 90 days past due in the first three months of 2016 was up 11.8 per from the same period last year, according to data company TransUnion’s Canada Industry Insights Report.
If the term “subprime” means anything to you, it likely conjures up images of the U.S. debt crisis of 2008-09, when subprime borrowers, unable to pay their loans, helped push the financial system to the brink of collapse.
So it probably isn’t good news to hear that subprime lending is becoming a bigger part of Canada's economy.
British Columbians are heading toward bankruptcy in increasing numbers, and easy access to credit suggests that trend is likely to continue.