Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
Latest News
Against the odds: Why customers often lose in battles with banks Feb 12th
The complaints system is stacked against banking customers say consumer advocates, who believe the process is designed to wear people down and that it most often finds in favour of the banks..... More »
Making sense of the markets this week, October 31, 2021 Oct 30th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Scotiabank says 8 rate hikes are on the way
Scotiabank’s Derek Holt shared that we could see eight rate hikes in Canada over the next two years. That is ag.... More »
Borrowell Review: Online Low-Cost Debt Consolidation Loans + MORE Nov 23rd
In recent years, many Canadians have become increasingly disillusioned with banks. Many Canadians are hoping to get a consolidation loan for their debt, but it’s difficult to convince a bank to provide an unsecured loan for an amount that provides them relief. Companies like Borrowell are shak.... More »
Points and payouts: Scottie Scheffler captures $25M, finishes No. 1 in FedExCup standings - PGA TOUR + MORE Sep 1st
Points and payouts: Scottie Scheffler captures $25M, finishes No. 1 in FedExCup standings PGA TOURScottie Scheffler career earnings: FedEx Cup winner banks massive payout USA TODAYTOUR Championship, Round 4: How to watch, featured groups, live scores, tee times, TV times &.... More »
Is Your Debt Above Average? + MORE Mar 18th
Household debt levels are a hot topic this week, as new numbers reveal they are higher than ever across the nation – a key concern for our central bank, and the fuel behind Canada’s too-hot-to-touch housing markets. And it’s not just mortgages – a recent study finds credit card bal.... More »
The Not-So-Golden Years: Credit Card Debt Rises Among Seniors
– ratesupermarket.ca
Retirement is meant to be a time to relax and enjoy the financial fruits of long years of labour – but there’s growing concern that older consumers are relying more heavily on debt in order to make ends meet, according to a new report from credit-monitoring firm Equifax Capital.
According to the report, Canadian consumer debt rose 6.1 per cent to $77 billion in the second quarter of 2013. This is mainly due to an 8.6 per cent increase in auto loan balances and a 7.4 per cent increase in outstanding mortgage debt.
“The increased demand for credit outside of mortgages is positive for the economy in the short-term, but could limit the ability of over-extended consumers to react to any financial bumps in the road in the future,” says Cristian deRitis, senior director of Consumer Credit Economics at Moody’s Analytics.
Seniors Debt Accumulation Outpacing Younger Generations
But it’s the slow creep of debt among the 65-plus crowd that is the most troubling stat from the report…
Fixed income markets are heating up
– moneysense.ca
I am quite upbeat on the prospects for capital markets over the next few years. This optimism is based on a firm belief that the world’s central banks will continue to keep global monetary policy very easy until the unemployment rate in their various domains drops to an acceptable level. The first solid indication of this came from new Bank of England Governor Mark Carney who has now targeted an unemployment rate of 7% before slowing the quantitative easing policy. Despite the U.S. Federal Reserve making noises that they will slow the level of QE they will be keeping a beady eye on the unemployment rate, which they are targeting at 6.5% and will not do anything that might push unemployment higher, unless galloping inflation rears its ugly head. This is unlikely with the amount of excess capacity in the global economy. Once again one needs to look at what central bankers do, not what they say. Europe is just starting to stabilize and Mario Draghi will certainly continue to support the banking system throughout Europe and is clearly aware of the continental unemployment problem, the European Central Bank is nowhere near tightening and the Bank of Japan is still easing…
