RBC and Scotiabank Credit Downgrades: What You Should Know + MORE Feb 2nd

So you’ve paid off all your debt and want to start to build your savings and investments? Before you start working on building up your RRSP, your first savings priority should be an emergency fund. If you want to protect yourself in the even of financial setbacks, it’s a good idea to have an emergency fund that works for you. From paying a high deductible on your insurance policy, to providing you with a way to pay bills if your hours at work are cut, an emergency fund can be very helpful.
I’ve mentioned previously that I don’t believe an emergency fund makes much sense if you still have debt. By paying down debt on a credit card or credit line, you then free up that balance, which could be re-borrowed in the event of an emergency.
At the same time, paying down your debt, especially if it is high interest debt, allows you to stop wasting money on interest payments. The longer you are in debt, the less money you have to build up your own wealth. One of the best things you can do for yourself is to get rid of high interest debt as soon as possible…

While insurance premiums and deductibles soar, Hillary Clinton takes credit for the president’s mess.

Canada’s banks were praised during the global financial crisis for being rock-solid – but times seem to have changed, as two of the nation’s biggest lenders, RBC and Scotiabank, recently took hits to their credit ratings.
Why have these lenders been downgraded? Should banking consumers be concerned? Here’s a breakdown of the factors behind the credit cut.
Also read: Moody’s Downgrades 6 Canadian Banks For Exposure to Consumer Debt>
RBC – Biting Off More Than It Can Chew?
Fitch Ratings, an international ratings agency that ranks the credit profile of companies, lenders and countries, revised its outlook downward from stable to negative for RBC – significant as the bank is the second largest of Canada’s financial institutions.
The ratings agency said it’s more pessimistic toward RBC as “future earnings volatility may be higher than Canadian bank peer averages as well as in comparison to similarly rated global financial institutions.”
In plain language, Fitch is concerned over RBC’s acquisition of City National Bank, a U…

A small business owner who handed over a credit card account when he sold his business is being hassled by collectors for debt he didn’t ring up