Category: Debt

The Best Ways to Pay Off Your Credit Card Debt

Posted September 25, 2018 by cccadmin in

Debt Strategies

Are you carrying a balance on your credit card? You’re not alone. In fact, carrying a balance on your credit card these days is as Canadian as Tim Hortons or Saturday night hockey. Two of the main drivers behind the rise in credit card debt are a push towards a cashless society and the low interest rate environment.

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Household Debt Hits a New Record in the 4th Quarter of 2016

Posted March 22, 2017 by cccadmin in ,

Couple Looking at Bills

Another quarter has passed with household debt hitting a fresh record. Household debt hit a new record 167.3 percent of disposable income in the fourth quarter of 2016. That’s up from 166.8 percent in the previous quarter. In simple terms, that means on average for every dollar of disposable income Canadians earn, they owe $1.67 of debt.

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Debt Levels Up, Delinquencies Stable, Subprime Soars

Posted May 24, 2016 by cccadmin in ,

Subprime Credit Card Debt Rising

TransUnion released its consumer debt stats for the first quarter of 2016. The credit reporting agency found the average Canadian owed $21,348 in consumer debt (excluding mortgage) at the beginning of 2016. That represents an increase of 2.71 percent from the first quarter of 2015. Installment loan (4.83 percent), auto loans (2.12 percent) and credit cards (1.80 percent) all saw increases. The sole exception was lines of credit, which declined by 0.54 percent.

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