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Saturday, July 9th, 2022

Paying down debt Canadians’ main focus in 2013: poll

Canadians appear less concerned about retirement planning than in years past as they continue to focus on debt reduction as their main financial priority, according to a new study released Wednesday by CIBC. Over all, the poll done for the bank by Harris/Decima showed 17 per cent of respondents selected debt reduction as their main […]

CIBC Poll: New Year, Same Plan – Pay Down Debt

  CIBC Poll: New Year, Same Plan – Pay Down Debt Paying Down Debt once again tops the list of financial priorities for Canadians entering 2013, while Retirement Planning declines in importance TORONTO, Jan. 2, 2013 /CNW/ – Canadians have named paying down debt as their top financial priority entering 2013 – the third year in a row that debt has topped the […]

New Mortgage Rules Take Effect November 1, 2012 – From you Vancouver Mortgage Broker

New Mortgage Rules Take Effect November 1, 2012 – From you Vancouver Mortgage Broker November 1 is the day when the new mortgage regulations are put out by Office of the Superintendent of Financial Institutions Canada (OSFI). These mortgage regulations are called the B-20 guidelines and apply to any mortgage lender which is federally regulated. […]

The BoC’s Coté On Risk & Household Debt

The BoC’s Coté On Risk & Household Debt Since the credit crisis, theBank of Canada has stepped up efforts to quantify the risk lurking in our financial system. Deputy Bank GovernorAgathe Côté spoke about this Tuesday. She explained how the BoC models risks and provided the following factoids on Canadians’ debt exposure. She said: “…While record-low interest rates in […]

Simulating Economic Hazards

Rising indebtedness has elevated concerns about the ability of borrowers to cope with economic stress. The Bank of Canada (BoC) weighed in on this topic last week. In its semi-annual Financial System Review, the BoC performed a variety of simulations to estimate how job losses and rate hikes might prevent some people from paying their mortgage. Here are some […]

Consumers rein in debt burden, but housing ‘overshooting’: CIBC

Canadians consumers are reining in their debt burdens amid repeated warnings on household borrowing from Bank of Canada Governor Mark Carney and other policy makers. The growth of consumer debt has eased as of March, rising at the slowest pace since 2002, Canadian Imperial Bank of Commerce(CM-T70.03-0.63-0.89%) said Wednesday. “For the first time in more than a […]

Once again: Pay down your debts before rates rise

ROB CARRICK | Columnist profile | E-mail From Wednesday’s Globe and Mail The decade’s most ignorable piece of financial advice: Pay down your debts before interest rates rise. You’ve heard this warning a hundred times, you ignored it and rates held steady at historic lows. Now, the Bank of Canada is signalling that borrowing costs could rise if economic […]

Average Canadian’s consumer debt hits $25,960

The average consumer’s debt load climbed to a record high $25,960 at the end of 2011, although annual data from a credit bureau report released today suggests that the Canadian love affair with debt is waning. Consumer debt, which excludes mortgages, edged 1.4 per cent higher in the fourth quarter of 2011 from the previous […]

Handle lines of credit with care

Give people enough line of credit and they’ll hang themselves with debt. The bad boy of borrowing products – that’s the line of credit. Recently, the federal government asked the banks to stop blithely handing out home-equity credit lines to people. In his new book The Wealthy Barber Returns, David Chilton writes that credit lines can […]

Beware the debt-reduction pitch

With Canadian household debt levels at historic highs, some consumers might be looking for ways to reduce what they owe – or at least make repayment a little less painful. A number of companies offer debt reduction deals to help provide relief from creditors. But the Financial Consumer Agency of Canada (FCAC) haswarned that by using […]

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