Canadians owe more than $1.5 trillion in non-mortgage debt + MORE Dec 3rd

After living overseas for five years, bringing a dormant U.S. credit file back to life takes a few smart moves combined with a little patience

December 3, 2014: Average rates on new credit card offers declined slightly this week, according to the CreditCards.com Weekly Credit Card Rate Report.

(Blend Images – Peter Dressel/Getty Images)
TORONTO – Canadians continue to pile on debt and now collectively owe more than $1.5 trillion excluding mortgages, according to the latest figures from Equifax Canada.
The consumer credit rating agency says the level at the end of the third quarter was up 7.4 per cent from $1.409 trillion a year ago, with non-mortgage debt held by Canadians now standing at an average of $20,891.
The auto loan and instalment loan sectors showed the most significant increases, at 6.8 and 5.8 per cent year-over-year respectively.
“Following a frenzied start to the festive shopping season with more to come in the countdown to Christmas, we can expect the consumer debt to rise even further,” said Regina Malina, senior director of decision insights at Equifax Canada.
Despite the increase in debt, the delinquency rate — defined as bills more than 90 days past due — remains on a downward trend and now stands at just 1.1 per cent, Equifax said.
“While the debt numbers are worrisome, it’s certainly positive to see delinquency and bankruptcy rates inch down each quarter,” said Malina…

The top plastic picks have been crowned in RateSupermarket.ca’s annual Best of Finance Awards
Roll out the red carpet – awards season has arrived with the annual Best of Finance rankings presented by RateSupermarket.ca, Canada’s comprehensive financial rates comparison resource. The awards, which highlight the best banking products for consumers, kick off December with the top credit cards available in Canada.
“The right credit card, when used appropriately, can be a powerful financial tool,” says RateSupermarket.ca Editor Penelope Graham. “Whether Canadians are looking to earn high-value rewards, offset daily spending, or control lingering debt, it’s important to select a card with features that will aid in achieving those financial goals.”
And without further ado… meet this year’s best credit cards:
The Best CashBack Rewards Credit Cards
WINNER: Scotia Momentum® VISA Infinite Card
2nd Place: MBNA Smart Cash MasterCard® Credit Card
3rd Place: SimplyCash™ Card from American Express®
The Best Travel Rewards Credit Cards
WINNER: BMO® World Elite™ MasterCard®*
2nd Place: Scotiabank®* Gold American Express® Card
3rd Place: RBC Royal Bank® Visa Infinite‡ Avion®
The Best Low Interest Credit Cards
WINNER: MBNA TrueLine MasterCard® credit card
2nd Place: The American Express® AIR MILES®* Credit Card
3rd Place: RBC Visa‡ Classic Low Rate Option
The Best Low Balance Transfer Credit Cards
WINNER: MBNA Platinum Plus® MasterCard® credit card
2nd Place: Scotiabank Value® VISA card
3rd Place: RBC® Cash Back MasterCard‡
Best of Finance Awards Methodology:
To select the winners, each credit card’s value was extrapolated over a 24-month period, taking into account all promotional rates, bonus gifts, annual purchase rates and fees to determined the total value earned or saved…

(Getty Images / Michael Blann)
I’m not at all surprised that our government-backed housing agency—the Canada Mortgage and Housing Corporation—is warning condo builders to sell more of their current inventory before building more condos.
But I don’t think it’s a signal we’re overbuilding. I think it’s a signal that the government doesn’t want another close call.
From the late 1990s to 2008, the government loosened housing and mortgage policies. For instance, the government lowered down payment requirements so that home buyers could avoid default insurance (otherwise known as mortgage insurance); the government also introduced 35-year and 40-year amortizations and introduced government backed 100% financing—even for rental properties; and income documentation to obtain a mortgage was far more lenient than it is today. Then the U.S. housing market took a dive and the 2009 world wide credit crunch made everyone take a step back—including our government.
As such, policies were introduced to tighten up the lax regulations that were previously introduced by the government…