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7 sure-fire ways to sink your savings + MORE Dec 21st
There are many ways to ensure you don't save enough money to achieve your goals, writes Gail vaz-Oxlade. Here are seven..... More »
How much money does the government contribute to an RESP? + MORE Feb 13th
Whether your child eventually goes off to university, enrolls in a college program or is interested in another type of schooling, there’s no way around it: post-secondary education is pricey. In Canada, the average undergraduate tuition fee for the 2022–23 school year was $6,834. Over four yea.... More »
Canadian Dividend All-Stars 2024: Past performance + MORE Jan 23rd
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Top 100 Dividend Stocks
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Best Dividends in Canada Table of Contents
OverviewTop .... More »
Can a first-time home buyer have a mortgage co-signer? Sep 18th
If you’re in the market for your first home but need help coming up with the financing, you do have some options, including asking someone to co-sign the mortgage. Involving a third party is probably not what you envisioned for home ownership, but recent interest rate hikes and rising real estate .... More »
How to Save in Your Retirement with Spousal RRSPs + MORE Feb 15th
The Canadian government offers plenty of incentives for long-term savers, including couples saving for retirement. Sure, both of you can still open your own individual Registered Retirement Savings Plans (RRSP). But if you are looking for a way to manage your tax bill as a couple, as well as build .... More »
Canadians better at repaying debt in last quarter
– moneysense.ca
(Mike Kemp/Getty Images)Canadians with consumer debt were better at making payments on time in the first quarter of this year than they were in the same period over the previous two years, according to the TransUnion credit monitoring agency.
It says the delinquency rate on non-mortgage debt like credit cards, auto loans and lines of credit was down in the first three months of 2015, even though the average balance owing remained stable at just under $20,800.
The delinquency rate fell to 2.66%, down from 2.72% in the same period a year earlier and 2.87% in the first quarter of 2013.
Jason Wang, TransUnion’s director of research, says one of the reasons for the decline was that lenders and borrowers were increasingly cautious.
Wang says another factor was the Bank of Canada’s decision to reduce a key interest rate in January following a collapse of global oil prices that started in late November and continued into this year.
He says the central bank’s move reduced mortgage costs for some homeowners, who used the savings to manage their other types of debt…
How unused credit impacts your credit rating
– moneysense.ca
Q: Can having an unused line of credit for 20 years negatively affect your credit rating? —Don Sutton, Victoria
A: Decoding the human genome is a Grade 6 science fair project compared to decoding the credit rating algorithm. There are many variables that go into it but the first one that matters in your case is credit history: From this perspective it can be a positive that you’ve had a line of credit for such a long time. You haven’t used it, but you also haven’t abused it, so that’s good. The second variable is credit utilization—the ratio of your debt to your available credit. This line of credit shows that you have access to credit but aren’t too close to using it all up, which is also positive. That said, lenders always look at the total picture, says Clifton O’Neal from TransUnion. “There is no history to demonstrate responsible management of this line of credit. If you are maxed out on your other lines of credit, this unused line could be seen as a liability.” What I would do is order your credit report from either TransUnion or Equifax…
A: Decoding the human genome is a Grade 6 science fair project compared to decoding the credit rating algorithm. There are many variables that go into it but the first one that matters in your case is credit history: From this perspective it can be a positive that you’ve had a line of credit for such a long time. You haven’t used it, but you also haven’t abused it, so that’s good. The second variable is credit utilization—the ratio of your debt to your available credit. This line of credit shows that you have access to credit but aren’t too close to using it all up, which is also positive. That said, lenders always look at the total picture, says Clifton O’Neal from TransUnion. “There is no history to demonstrate responsible management of this line of credit. If you are maxed out on your other lines of credit, this unused line could be seen as a liability.” What I would do is order your credit report from either TransUnion or Equifax…
News guide: A brief overview of Greece’s financial problems and how it got here
– canadianbusiness.com
ATHENS, Greece – Greece is struggling to get a deal with its financial rescue creditors to get more loans. Without one, it could default on its debts, which could be the first step in a chain reaction that sees the country fall out of the euro currency union.
Here is a broad look at the key issues in the crisis:
___
CURRENT ISSUE
Greece has been relying on loans from its fellow countries in the 19-country eurozone and the International Monetary Fund since 2010. Its 240 billion euro loans package is due to expire at the end of June but Greece has not gotten the last 7.2 billion euros ($8.2 billion) of that package. The talks are now about trying to get those loans before they expire.
Greece has a debt repayment on June 30 worth about 1.6 billion euros that it likely cannot afford without more loans from creditors, and larger payments in July and August it definitely can’t.
___
NO BOND MARKET
Greece needs loans because it cannot borrow on bond markets at affordable rates, as other countries do to finance their spending…
Here is a broad look at the key issues in the crisis:
___
CURRENT ISSUE
Greece has been relying on loans from its fellow countries in the 19-country eurozone and the International Monetary Fund since 2010. Its 240 billion euro loans package is due to expire at the end of June but Greece has not gotten the last 7.2 billion euros ($8.2 billion) of that package. The talks are now about trying to get those loans before they expire.
Greece has a debt repayment on June 30 worth about 1.6 billion euros that it likely cannot afford without more loans from creditors, and larger payments in July and August it definitely can’t.
___
NO BOND MARKET
Greece needs loans because it cannot borrow on bond markets at affordable rates, as other countries do to finance their spending…
Fed will likely signal a rate hike is coming later this year if economy strengthens further
– canadianbusiness.com
WASHINGTON – With evidence that the U.S. economy is rebounding from a winter slump, the Federal Reserve will likely signal this week that an interest rate increase is coming — just not quite yet.
Many economists say that if the economy keeps improving, the Fed will most likely raise its key short-term rate when it meets in September. That rate has been held at a record low near zero since 2008.
The Fed’s timetable has far-reaching impact: Once it begins raising short-term rates, other rates — for mortgages, auto loans, corporate borrowing — could head higher. Stock and bond prices could be squeezed.
In recent weeks, key sectors of the economy — the job market, retail spending, home sales — have improved. The gains mark a reversal from the January-March quarter, when the economy is estimated to have shrunk, in part because of a harsh winter.
On Wednesday, the Fed may sketch a slightly brighter picture of the economy in a statement after its latest policy meeting ends and in a news conference by Chair Janet Yellen to follow…
Many economists say that if the economy keeps improving, the Fed will most likely raise its key short-term rate when it meets in September. That rate has been held at a record low near zero since 2008.
The Fed’s timetable has far-reaching impact: Once it begins raising short-term rates, other rates — for mortgages, auto loans, corporate borrowing — could head higher. Stock and bond prices could be squeezed.
In recent weeks, key sectors of the economy — the job market, retail spending, home sales — have improved. The gains mark a reversal from the January-March quarter, when the economy is estimated to have shrunk, in part because of a harsh winter.
On Wednesday, the Fed may sketch a slightly brighter picture of the economy in a statement after its latest policy meeting ends and in a news conference by Chair Janet Yellen to follow…
