News & Publications

01

Canadian Household Debt Statistics 

creditcanada.com, 18.07.2019 written by Adriana Molina

The average Canadian household debt remains near record high levels with the average​ Canadian owing close to $1.78 for every dollar earned.  To put that into perspective, in 1990 Canadians owed $0.90 for every dollar earned.  Thankfully we've started to pull back on our borrowing spree, but even though Canadians aren't borrowing as much as we did in recent past, debt continues to gnaw away at our disposable income.  So what gives?  

If Canadians are borrowing less than they did before, how come the percentage of Canadians in debt remains just shy of previous record highs?  The answer is debt-servicing costs, which is the cost of paying back the debt plus interest.

02

What is The Average Credit Card Debt in Canada

CBC/news/business, 12.07.2018

About 44 per cent of Canadians are $200 a month or less away from financial insolvency.  According to accounting firm MNP.  Credit Agency TransUnion said earlier this month that average non-mortgage debt stood at $29,312 per person, including an average credit card balance of $4,154​

03

What Are The Benefits of Debt Consolidation

consumercredit.com, 20.08.2019

Debt consolidation companies argue that borrowing money at a low interest rate to pay off loans or credit cards at higher interest rates can save you money, or help you pay off the debt sooner.  Other advantages include having fewer payments to make each month, and less likelihood that you'll be late on payments.​

04

Should you refinance your mortgage? Rates could plummet below 2%, experts say

Tess Kalinowski Real Estate Reporter

Mon, March 23, 2020

Dropping interest rates could provide a small dash of consolidation for some consumers sitting in isolation watching their retirement plans plummet with the markets.

For those with variable loans, renewing mortgages or considering refinancing, interest rates could indeed offer a measure of good news, according to mortgage specialist James Laird, co-founder of RateHub.ca and president of CanWise Financial.

“From a purely mortgage perspective, rates are really low so you can lock in a fixed rate for five years for a very low rate. So anyone whose renewal is coming up or who is thinking about refinancing, it’s actually a really good time to do that,” said Laird.

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