Unemployment affects people all over the country, especially recently, with the COVID-19 pandemic. In May 2020, Canada’s unemployment rate rose to 13.7%, as the COVID-19 pandemic resulted in over three million lost jobs in the two previous months. Things are improving slowly, as the unemployment rate in Canada is now 7.8%. Luckily, the federal government…
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Life is better when you’re on top of your finances. You feel more confident, secure, and relaxed when you’re not worried about money. Good financial health entails steady income, consistent investments, long-term financial planning, and consciousness in spending. Evidence suggests that financial health is linked to both mental and physical health. Financial worries are linked…
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Learn about the snowball method, one of the most effective techniques to paying off different kinds of debt with different interest rates.
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Millionaires still advise that real estate is the best investment. Even in a global pandemic, people continue to purchase homes. Just in 2021, Canadians brought themselves to nearly $2.1 trillion in collective consumer debt, even though overall credit card debt actually decreased. Experts say that a surge in mortgage loans explains this increase in consumer…
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There’s now a growing concern about Canada’s public debt. For the fiscal year of 2019, the country has recorded a gross debt or financial liabilities of $2.434 trillion ($64,087 per capita). This number is the sum of the debt of the federal government, as well as the country’s provinces and territories. The gross debt to…
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At some point in life, most individuals rely on financing or credit. Certain life goals, such as buying a house or a car, are too expensive to fulfill without help. Financing and credit come in many shapes and sizes. For example, credit cards, lines of credit, loans, mortgages and car loans. The catch to using…
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Debt is common across Canada. Canadians have a variety of debt, including mortgage debt, credit card debt, student loan debt, and more. Canadian debt increased with the COVID-19 pandemic, with the Canadian household debt ratio increasing to 176.9%. This means that for every dollar Canadians earned in 2020, they owed approximately $1.77 to creditors. While…
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Bankruptcy is a legal process that people undergo, often as a last resort when they cannot meet their debt obligations. The process relieves the borrower from their eligible debts and allows for a fresh start; however, while bankruptcy doesn’t bar you from borrowing again, it certainly limits the lenders and loans that you have access…
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When it comes to bankruptcy vs default, many Canadians don’t know the difference between them. Many of us carry debt and struggle to pay it fully or on time. Debt is a big responsibility, and failure to keep up with debt payments can be costly. From accrued interest payments, negatively affected credit reports and credit…
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Life is expensive – rent, mortgages, education, groceries, transportation and other expenses add up. Most of the time, you need some form of credit to get by. Sometimes, people don’t use credit responsibly for a variety of reasons. Some people might experience job loss and rely heavily on credit for day-to-day expenses. Others might not…
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