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Latest News
U.S. bank Wells Fargo to cap use of subprime auto loans + MORE Mar 3rd
One of the U.S. biggest banks, Wells Fargo, has said it will cap the amount of money it lends as subprime auto loans, according to the New York Times..... More »
How to invest as a teenager in Canada + MORE Aug 13th
If you’re starting to save the money you’ve received from birthdays, holidays and part-time jobs, you may be wondering how you can invest your savings. An important life lesson for any young person is the habit of saving—so, investing those savings for some teenagers can be the next step. .... More »
How to invest as a teenager in Canada + MORE Mar 13th
If you’re starting to save the money you’ve received from birthdays, holidays and part-time jobs, you may be wondering how you can invest your savings. An important life lesson for any young person is the habit of saving—so, investing for some teenagers can be the next step.
In Canada.... More »
Chelsea, 26, makes $85,000 as a veterinarian. Despite paying off student loans, she still has $23,000 in debt. How can she save enough to buy her first home? + MORE Apr 10th
As she works to pay off her remaining debt, Chelsea wants clarity on how to achieve her saving goals and how to be smarter with her money..... More »
Interchange Fee Cut: A New Reality for your Credit Card Rewards? + MORE Jan 13th
Are your credit card rewards in for a cutback?
Last November, it was announced that Canada would be the latest nation to cap credit card interchange fees. The fees, which are behind-the-scene charges paid by merchants to credit card issuers every time a card is used in a transaction, will be capped.... More »
The Feds Choke Off Native American Income
– online.wsj.com
A Justice Department campaign against short-term loans is an economic blow to Indians.We’re taking on more debt, delinquencies fall
– moneysense.ca
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…
