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
With the temperatures now dipping, winter is on its way and that means ‘tis soon the season for big cozy sweaters, holiday sweets and, for many of us, sunny trips down south to swap our snow suits for bathing suits. Whether you’re planning to head south to an all-inclusive resort or planning ahead for … Continue reading How to Go on Vacation Without Going into Debt
Financial Literacy Ending the Cycle of Debt Is personal debt hereditary? Are there bad credit genes? While we may not have inherited our credit DNA from our parents, we have learned by their example, for better or worse. Though Canadian schools have always taught the 3 R’s, Readin’ Ritin’ and Rhithmatic’, the last 30 years … Continue reading Financial Literacy Ending the Cycle of Debt