Category: Debt

The Highest Earning Canadians Leading the Way in Household Debt

Posted October 2, 2015 by cccadmin in Debt

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!

Canadians Take On More Debt, But Delinquency Rates Down

Posted September 22, 2014 by CCC Staff in Debt, Economy

With record-low borrowing costs, a lot of Canadians are indulging in consumer debt. Canadian consumers owed a whopping $1.44 trillion in debt in the second quarter of 2014, up from $1.42 trillion in the first quarter, according to credit monitoring agency Equifax Canada.

Half of Canadians are Living Paycheque to Paycheque: Survey

Posted September 19, 2014 by CCC Staff in Debt, Personal Finance

Are you guilty of living paycheque to paycheque? You’re not alone. More than half of employees (51 per cent) would find it difficult to meet their financial obligations if their paycheque were delayed by a single week, according to a recent survey by the Canadian Payroll Association (CPA). That figure is up 2 per cent from an average of 49 per cent in the last three years. With home prices reaching the stratosphere in many cities and households taking on record debt levels, this is an especially worrisome trend.

Paying Down Debt vs. Contributing to Your RRSP

Posted August 21, 2014 by CCC Staff in Debt, Personal Finance

Should I pay down debt or contribute to my RRSP? Although it’s a common dilemma faced by many, there’s no simple answer. It depends on each individual’s financial situation. There are a number of factors to consider.

Contributing to your RRSP and paying down debt both offer benefits – you’ll pay less tax when you contribute to your RRSP, while you’ll pay less interest when you pay down debt. Which should you do? It depends on how much debt you have and how costly it is.

Hot Housing Market Changing Debt Dynamics for Some Canadians

Posted August 19, 2014 by CCC Staff in Debt, Personal Finance

If you’re between the ages of 35 and 44, chances are you’re in debt. With home prices reaching the stratosphere in red-hot housing markets like Toronto and Vancouver, we’re spending more than ever before just to put a roof over our heads.

A recent study from RBC echoes that sentiment – if and when interest rates rise or house prices fall, the most heavily in debt could face a real dilemma. If you’re up to your ears in debt, there are ways to protect yourself when interest rates eventually rise.

How to Calculate Debt Service Ratios

Posted July 17, 2014 by CCC Staff in Debt, Personal Finance

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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