With the low interest rate environment sticking around for the foreseeable future, it shouldn’t come as any surprise Canadians are in no hurry to repay their debt. Who is the most in debt? This may surprise you – those earnings over $100,000 annually with university degrees living in Canada’s strongest provinces (B.C., Alberta and Ontario). The Financial Post recently looked at the trend of wealthy individuals carrying the most household debt. These individuals owe almost two times their yearly salaries in debt – yikes!
Summer’s winding down, but there’s still a little time to getaway this year. When travelling by air, it’s often necessary to rent a vehicle for extended stays, or to explore more than just the resort. Before you get behind the wheel of a rental car, it’s important to find out if you’re protected in the event of a crash.
For a lot of Canadian families, a car is the second most expensive purchase after housing expenses. While you can pay for a new vehicle with a car loan, some people prefer saving up and paying for a vehicle in cash. Would you be excited if you found out you could earn rewards towards a new Chevrolet, Buick, GMC or Cadillac simply with your everyday shopping? With the new Scotiabank GM VISA Card, that dream is now a reality.
Scotiabank and GM have teamed up to offer two new co-branded credit cards that offer one of the richest rewards programs on the market. Scotiabank has a track record of coming out with credit cards Canadians love and these new offerings are sure to be a hit.
A recent news article provides a grim reminder that credit cardholders must try their best to protect their PIN – or else they could be held liable for fraudulent charges. A Scotiabank cardholder recently found this out the hard way. She was originally on the hook for $4,000 in fraudulent charges. Apparently, it wasn’t until the media got a hold of the story that Scotiabank backed away, offering her a $4,000 settlement.
If you don’t go over your credit card statement with a fine tooth comb, you could be paying hundreds of dollars in extra charges without even knowing it. Each month thousands of people are falling victim to “grey charge”s on their credit card. There are an estimated 233 million grey charge a year, totaling $14.3 U.S. billion, according to a 2013 Aite Group report.