The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
Latest News
Key steps to getting out of credit card debt as the cost of borrowing rises Jul 12th
Paying off high-interest credit card debt should be a top priority — even if the big banks' decision to raise their prime rates doesn't directly impact credit card rates, says a credit counselling expert..... More »
How to manage and save money without a budget Oct 13th
“Stick to a budget” is one of the most common pieces of advice you’ll hear if you’re trying to save money. But not everyone wants to make decisions according to a spreadsheet—and there are many ways to manage your money that don’t involve a budget. Often, a simple, critical look at your .... More »
The best high-interest savings accounts in Canada for 2024 + MORE Jul 18th
Save
The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
Compare now
Tap the button for more details.
W.... More »
Before It’s Too Late! Best Credit Card Welcome Offers of November 2019 Oct 31st
Rewards credit cards have many perks and benefits from cash back to VIP access, and a whole lot more. Choosing a card can be difficult with endless options available.
Do you pick a card with an annual fee? Low balance transfer? Travel rewards? No foreign transaction fees? Deciding which card .... More »
When Banks Bailed Out the Government Aug 4th
Citigroup is ‘too big to fail.’ Its predecessor was once responsible enough to weather a panic..... More »
The New Bond Market
– online.wsj.com
Encourage record sales of bonds, while telling banks not to buy them.What Happens To Debt When You Get Married?
– ratesupermarket.ca
Many couples are getting married with a significant amount of debt. One or both partners might have student loans, credit card debt, a line of credit, an auto loan, or a mortgage. In 2014, Harris/Decima conducted a poll that showed two in five Canadian newlyweds enter their marriages with debt and owe, on average, $21,500.
Also read: The Cost of Love in Canada: $50,339.21>
So, what happens to this debt when you tie the knot or become common law partners? And what happens to debt that you accumulate during your marriage?
This article explores how debt can affect the finances of married or common law couples.
Pre-Existing Debt
The good news is that you won’t be held liable for any pre-existing debt that your partner brings with them to the marriage or partnership. Unless you co-signed for the loan or credit card, pre-existing debt is seen as entirely your partner’s responsibility.
Student Loan Debt
Student loan debt remains the responsibility of the borrower even after you’re married, but marriage or common law status might affect the repayment of your student loans and your ability to take out new student loans…
