Category: Economy

Credit Card Delinquencies on the Rise: Tough Consequences

Posted April 23, 2014 by CCC Staff in Economy, Personal Finance

Bankers in the Great White North are less optimistic than our banking neighbours south of the border when it comes to credit card debt. A recent survey by analytics software firm FICO found that Canadian bankers are more concerned about credit card delinquencies than American bankers. With the household debt-to-income ratio at 162 per cent for the fourth quarter of 2014 in Canada, it should come as no surprise credit card debt is a major concern.

Canadians Leveraging Up, But Using Credit Cards for the Perks

Posted February 24, 2014 by CCC Staff in Economy, News

Given the economic climate, it’s not surprising that many Canadians are taking more control of their household debt. What’s more, statistics indicate that they’re using credit cards more responsibly by paying off their balances more quickly – and often within the same billing cycle.

According to a Royal Bank of Canada report, during the year ending in December 2013, personal debt rose by only 3.9 percent, representing the slowest yearly growth since 1995. It’s true that the debt-to-disposable-income ratio for Canadians escalated to a record-breaking 163.65% during the third quarter of 2013, but according to industry analysts from Fitch Ratings, credit cards have not played an overall part in this leveraging trend. The Fitch report goes on to say that, while there has been a growth in card spending volume, Canadians are tending to pay off their entire balances every month.

Will Future Generations Be Completely Cashless?

Posted August 1, 2013 by CCC Staff in Economy

With cash transactions only accounting for 20% of transactions in 2009, compared to 50% in 1990, many experts believe we are quickly moving towards a cashless society.

Not only are we using credit cards for almost everything, but we are also increasing our online shopping and banking – leaving our local ABMs sad & lonely. Think about it, when was the last time you had to wait in a long line for the ABM? In ten short years we have seen a dramatic decline in the use of cash. But, will this trend continue, leaving future generations completely cashless?

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