Motorists in B.C. have one less payment option when it comes to paying their basic auto insurance premiums. The Insurance Corporation of British Columbia (ICBC) has banned the use of credit card payments for monthly premiums. The ICBC is the provincial crown corporation responsible for issuing drivers licenses, registration and providing universal auto insurance in B.C.
The antiquated real estate industry looks to be moving into the 21st century. Despite technological advances, the real estate industry has seen little change over the last few years – until now. With the simple click of a mouse and your credit card, you’ll soon be able to buy new construction homes from the comfort of your couch.
Most consumers scoff at the thought of paying an annual fee. On the surface that makes a lot of sense; limiting recurring monthly and annual costs is a great way to keep your budget in check. But when it comes to credit cards, it might make a lot more sense to opt for a credit card that carries an annual fee.
Do you have bad financial habits? You’re not alone. Two-thirds (66 percent) of Canadians confessed that they have personal financial habits that they plan to work on, finds a new Ipsos poll conducted on behalf of Interac. It’s hard to know if you’re on track to meet your financial goals without a budget. 29 percent of Canadians admitted to never creating a household budget.
Credit cards are a useful financial tool when used responsibly. It’s when you use your credit card irresponsibly by constantly carrying a balance that you can run into trouble. Millennials, who are already dealing with skyrocketing housing prices and stagnant wages, are avoiding credit cards in record numbers. This is leading to the lowest average credit score of any generation, finds a recent study by Experian.
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!
