Bankruptcy has serious consequences on an individual’s financial standing, which is why many Canadian debtors consider switching from bankruptcy to a consumer proposal instead. It is well known that a consumer proposal has less of an impact on your credit than bankruptcy, but is switching to a consumer proposal possible? In this article, we’ll explore … Continue reading Switching from Bankruptcy to Consumer Proposal in Canada
When it comes to our finances, most of us could use a little more education. To help shed some light on the subject, let’s discuss financial literacy and debt management. We’ll talk about what these concepts mean, and why they are valuable in terms of financial planning. Also, we’ll also provide tips for improving … Continue reading Financial Literacy And Debt Management
As I wrote previously, the Financial Consumer Agency of Canada (FCAC) was established in 2001 by Financial Consumer Agency of Canada Act to: “ensure that financial institutions, external complaints bodies and payment card network operators are supervised by an agency of the Government of Canada so as to contribute to the protection of consumers of … Continue reading The FCAC – a finger in the dam?
Inflation squeezes those in debt even harder. September 5, 2018: Today, the Governor Stephen Poloz, released the Bank of Canada’s most recent decision on national interest rates. As expected, he indicated there would not be a rate increase at this time, even while inflation rates continue to hover at the outer edges of their comfort … Continue reading Inflation squeezes those in debt even harder
This past July, after seven years of leaving its key interest rate steady at near-historic lows, the Bank of Canada increased its overnight rate by 0.25 percentage points to 0.75 percent. In September, the bank raised it another quarter-point to 1.0 percent amid strong economic growth. While we’re unlikely to see another increase this year, they … Continue reading Impact of Increasing Interest Rates on Debt
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