We’re taking on more debt, delinquencies fall + MORE Sep 4th

Here is what Tuesday brings you: News, Tips & TricksRelatively quiet today as I am travelling to Toronto for the launch event of the American Express SimplyCash Cards that were announced here on Rewards Canada yesterday. If you want to see pictures of the event be sure to follow us on Instragram and/or Twitter. One of the best Aeroplan card offerings took a hit today. The AeroplanPlus Gold Card no longer is offered as a first year free card meaning that easy 20,000 to 30,000 miles just got a bit more expensive. To somewhat counter that offer Amex has raised the sign up bonus to 25,000 miles (or 26,000 miles via the refer a friend program)Sad news for Virgin Atlantic Flying Club members in the Vancouver area, Virgin Atlantic has announced that they will not continue with their summer seasonal Vancouver-London service that you have seen for the past three summers. This is unfortunate as Virgin tried Toronto and it didn’t work and now Vancouver isn’t working. It is a bit of a surprise as this summer saw VS extend the duration of the flight which to some indicated a success but alas Virgin can probably utilize the aircraft on a more profitable route elsewhere…

Using a credit card to buy a car could give you consumer protections and perks. But most dealers hate the fees that go with accepting plastic, so you might have to wheel and deal

TORONTO – Credit monitoring agency Equifax says Canadians racked up more debt in the latest quarter, driven by mortgages and higher instalment loans.
Data compiled for the second quarter shows that overall consumer debt, which includes mortgages, grew 7.2 per cent to $1.45 trillion from $1.35 trillion a year ago.
Debt also grew 1.8 per cent from the first quarter.
However, the rate of delinquencies fell to its lowest level since the recession began to unfold five years ago.
The national delinquency rate, which tracks bills overdue by 90 days or more, fell by 2.8 per cent, while consumer bankruptcies dropped by five per cent compared with the same time last year.
On average, Equifax says Canadians held $20,759 in debt without factoring in mortgages.
Albertans are the leaders for new credit demands, the report says, with requests rising for five consecutive quarters.
Equifax says instalment loans — or scheduled payments — increased 10.8 per cent while mortgages grew 9.2 per cent. The credit card sector was up 4…

The Bank of Canada has maintained the Overnight Lending Rate at 1 per cent once again – and if you respond to that news with a “so what”, you’re certainly not alone.
After all, the neutral stance by the country’s top financial power stalks the status quo, a rate that’s gone unchanged for four solid years, marking the longest stint of neutrality since the 1950s. Retail banks – like the ones that house your hard-earned funds – use the benchmark to set their Prime lending rate, which can affect the interest you pay on things like credit card debt and mortgages.
However, that’s not to say there are important nuances underwritten in today’s announcement – for one, its neutral stance shows that BoC Governor Stephen Poloz and Co. have no plans to raise or lower rates any time soon.
Also Read: The Bank of Canada May Take a Neutral Stance on Rates>
Here are the key influences on Poloz’s neutrality:
Inflation: Close, But No Cigar
Inflation is close enough to the 2 per cent target predicted by the BoC, though the boost from 0…

Home Depot is offering free credit monitoring and identity protection services to customers who may have been affected by a possible credit card breach.