Debt

Insolvency trustee Doug Hoyes encounters a lot of Canadians with money troubles, but he’s become particularly sympathetic to the plight of young people who find themselves financially underwater. THE CANADIAN PRESS/Ryan Remiorz

Millennials dominate insolvencies as credit card, student loan, CERB tax debts add up

Study finds millennials 1.4 to 1.7 times more likely to file for insolvency than older generations

 

(pixabay photo)

Tips on how to tackle your holiday debt in January

Looking back and forward can help get your finances where you want them

 

On this map, which city staff said is a conceptual drawing for planning and discussion purposes only, the light red lines show how 9th Avenue NE would divert southward over three lots and then eastward to line up with the 8th Avenue NE intersection. The city is purchasing the lot at 881 30th St. NE. (City of Salmon Arm image)

City buying lot in Salmon Arm for future 9th Avenue NE improvements

Property to be used in years ahead when intersection near Tim Hortons can be changed

 

Houses are seen on Squamish Nation land in North Vancouver, B.C., Tuesday, Feb. 22, 2022. Canada Mortgage and Housing Corporation (CMHC) says residential mortgage debt grew by nine per cent last year compared with a year earlier for the fastest pace of growth since 2008. THE CANADIAN PRESS/Darryl Dyck

CMHC says residential mortgage debt grew last year by fastest pace since 2008

Mortgage debt grew by 9 per cent last year, topped 10 per cent in the early months of this year

Houses are seen on Squamish Nation land in North Vancouver, B.C., Tuesday, Feb. 22, 2022. Canada Mortgage and Housing Corporation (CMHC) says residential mortgage debt grew by nine per cent last year compared with a year earlier for the fastest pace of growth since 2008. THE CANADIAN PRESS/Darryl Dyck
The Bank of Canada building is seen on Wellington Street in Ottawa, on Tuesday, May 31, 2022. The Bank of Canada will outline what it sees as the key vulnerabilities and risks to Canada’s financial system later this morning. THE CANADIAN PRESS/Justin Tang

Bank of Canada says household debt and home prices key risks for financial system

Households have seen net worth increase of about $230,000 over the first two years of the pandemic

The Bank of Canada building is seen on Wellington Street in Ottawa, on Tuesday, May 31, 2022. The Bank of Canada will outline what it sees as the key vulnerabilities and risks to Canada’s financial system later this morning. THE CANADIAN PRESS/Justin Tang
Credit cards are displayed in Montreal, Wednesday, Dec. 12, 2012. Equifax says the debt profile of Canadians has changed throughout the pandemic, with mortgages accounting for a larger portion of people’s debt. THE CANADIAN PRESS/Ryan Remiorz

Consumer debt driven by new mortgages, but credit card debt at six-year low

Potential exists that first-time homebuyers are starting to get priced out of the market

Credit cards are displayed in Montreal, Wednesday, Dec. 12, 2012. Equifax says the debt profile of Canadians has changed throughout the pandemic, with mortgages accounting for a larger portion of people’s debt. THE CANADIAN PRESS/Ryan Remiorz
Campbell River city council will continue its 2020 policy of waiving late fees and NSFs. (Mirror File photo)

53% of Canadians teetering the brink of insolvency: survey

A majority of Canadians admit they’re just $200 away from not being able to pay their monthly bills

Campbell River city council will continue its 2020 policy of waiving late fees and NSFs. (Mirror File photo)
Businesses are getting creative to keep cash flowing. (File photo)

Expect debt collections activity to pick up as economy reopens: experts

Credit Canada and Equifax both say there are already signs of increasing credit delinquencies

Businesses are getting creative to keep cash flowing. (File photo)
Taz Rajan, community engagement partner at Bromwich+Smith, is photographed at her office in Calgary, Alta., Wednesday, Oct. 7, 2020.THE CANADIAN PRESS/Jeff McIntosh

Seek help early if you are struggling with debt as deferrals end, experts say

Many don’t know where to look for help if they are struggling with debt

Taz Rajan, community engagement partner at Bromwich+Smith, is photographed at her office in Calgary, Alta., Wednesday, Oct. 7, 2020.THE CANADIAN PRESS/Jeff McIntosh
Taking on more credit card debt has not been the pandemic plan for many Canadians, data from TransUnion Canada suggested on Tuesday. Credit cards are displayed in Montreal, Wednesday, December 12, 2012. THE CANADIAN PRESS/Ryan Remiorz

Canadians taking steps to avoid credit card debt, despite economic pressure

People are opting to dip into savings or retirement funds rather than relying on credit cards

Taking on more credit card debt has not been the pandemic plan for many Canadians, data from TransUnion Canada suggested on Tuesday. Credit cards are displayed in Montreal, Wednesday, December 12, 2012. THE CANADIAN PRESS/Ryan Remiorz
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