Target Credit Card Fraud Still Being Felt by Cardholders

By CCC Staff on Jul 29, 2014 | Filed in News

Photo via jreed (CC BY-SA 2.0)

It would be a major understatement to say that the last few months have been easygoing for the bullseye brand. Most recently in May 2014, the CEO of Target resigned under mounting pressure after a major security breach and losses of almost $1 billion for its Canadian expansion.

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Can You Deactivate Contactless Payments on Your Credit Card?

By CCC Staff on Jul 24, 2014 | Filed in Credit Card Tips

Chip Embedded in Credit Card

Contactless payments offer consumers a faster, more convenient way to make everyday purchases. Instead of inserting or swiping your credit card, you can wave your MasterCard PayPass or Visa payWave; the purchase is then authorized, processed and billed in one fell swoop – no signature required!

While contactless payment saves time, some consumers don’t feel at ease with the new method of payment. What if your credit card is lost or stolen? Could fraudsters go on a shopping spree at your expense? Some consumers have gone as far as asking their credit card issuer to disable contactless payment.

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The Bank of Canada Holds Interest Rates at 1 Per Cent Yet Again

By CCC Staff on Jul 22, 2014 | Filed in Economy, News
Bank of Canada chief Stephen Poloz and Senior Deputy Governor Carolyn Wilkins

Bank of Canada chief Stephen Poloz and Senior Deputy Governor Carolyn Wilkins

If you have a variable rate mortgage, you can relax. The Bank of Canada has decided to yet again to hold the overnight lending rate at 1 per cent. It has been nearly four years since the key interest has been frozen at 1 per cent. This marks the longest stretch in Canadian history interest rates have remained the same.

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How to Calculate Debt Service Ratios

By CCC Staff on Jul 17, 2014 | Filed in Debt, Personal Finance

Calculating Debt Ratios

If you dream of being a homeowner one day, it’s important to understand how to calculate debt service ratios. With home prices sky-rocketing in major cities across Canada, paying for your home with savings is no longer possible for most homebuyers.

A mortgage can help make your dreams of homeownership a reality a lot sooner. Banks use debt service ratios when reviewing your mortgage application. Good debt service ratios can mean the difference between your mortgage application being tossed in the approved or rejected pile.

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Good Debt vs. Bad Debt – The Key Differences between the Two Types of Debt

By CCC Staff on Jul 15, 2014 | Filed in Debt, Personal Finance

Ball and Chain of Debt

Not all debt is bad. Sometimes carrying debt makes sense. With home prices hitting the stratosphere in many cities, it would take the average homeowner years to save up enough to pay for their home in cash. In fact, Millennials are struggling just to save the minimum five per cent down payment. Home prices have ballooned to 10 times the median income, over double the ratio in the 1980’s. In this case, taking on a mortgage makes sense.

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Nearly Half of Canadians Don’t Consider Their Mortgage Debt: Manulife Survey

By CCC Staff on Jul 11, 2014 | Filed in Debt, Economy

Getting Keys After Signing Mortgage

For most households their mortgage will be the largest debt of their lifetime. With home prices skyrocketing, households are taking on more debt to buy their dream home. The low interest rate environment seems to have given a false sense of security to many, especially young adults.

A lot of Millennials don’t consider their mortgage debt, according to a recent survey by Manulife. In fact, today’s adults are a lot more comfortable with debt than their parents were.

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