Rising interest rates are a front-of-mind topic for most Canadians. Not only can increased rates affect unsecured consumer household debt — like credit cards, some lines of credit, and old bills — but it can also affect secured debts — like your mortgage renewal. On July 11, 2018, the Bank of Canada increased interest rates
Payday loans can seem like a great option for quick cash — an advance on your paycheque or regular income payment seems almost too good to be true… and that’s because it often is. When you look closer at payday loans, they’re actually quite shocking. Payday lenders must have a license to operate in Ontario.
On July 11, 2018, the predicted Bank of Canada interest rate increase came true. The Bank of Canada (BOC) announced that interest rates are going up to 1.5%. This is the fourth time interest rates have risen in a year. They first rose from 0.5% to 0.75% in July of 2017, then to 1% in
Rising mortgage rates are top of mind for many Canadians in 2018, and if you’re already in debt, increasing interest rates can be particularly worrisome. Since July of 2017, the Bank of Canada has increased Canadian interest rates from 0.5% to 1.25%. While this is still a relatively low interest rate in historical terms, the
Debt consolidation can be a life-saver, particularly when facing a potential Bankruptcy. However, while debt consolidation services can often present a feasible solution for managing debt, it’s not always the best choice for every financial situation.
In a perfect world, all of your personal debts (including mortgages, credit cards, car payments, personal loans, lines of credit, etc.) would be fully paid off before you retire. This is generally considered ‘best practice’ because upon retirement, we rely on subsidized income (such as retirement savings, workplace pensions, RRSPs, CPP) for our living expenses.
The Bank of Canada has raised their interest rates for the second time this year, and while economists assure us that this is a sign of faith in the stability and growth of our economy, the increased rates will impact the costs of debt for residents of Toronto and Hamilton, as well as every household across