Consumer debt has been increasing over time in Canada. Even in 2020, due to a very resilient housing market and applications for new auto loans, total consumer debt went up by 3.8% to $2.041 trillion in the third quarter of the year! Equifax...
When it comes to managing your personal finances, it is essential to keep a track of your debt-to-income ratio. This helps you keep an eye on your debt levels and take corrective measures if your debt seems to be going on an upward trajectory...
This year has been a challenging one for most Canadians. Restrictions continued to evolve and business and individuals, across different provinces, are being impacted. The measures put into place to curb the spread of the COVID-19 pandemic...
If you are faced with tough financial decisions, bankruptcy can seem like the option that will reduce the burden of debt. As Bankruptcy Canada puts it, in simplest terms, in personal bankruptcy, you assign everything you own to a Licensed...
The importance of a good credit score should never be overlooked or taken lightly. This is more trying for real estate investors. A high credit score means better offers, deals, and money-saving options, which would provide a real estate...
Debt and divorce. How to handle your finances during a divorce isn’t an easy task. Since approximately 38% of marriages end in divorce in Canada, it is no wonder that people want to know how to deal with their own debt and marital debt...
Have you recently received a phone call or a letter from the CRA regarding your existing debt? That’s because, as of September 2020, the CRA has resumed its debt collection activities. The CRA has confirmed that it is reconnecting with...
If you have received a letter from the CRA regarding Canada Emergency Response Benefit (CERB) ineligibility – you’re not the only one. Many Canadians have received letters regarding repayment of CERB for one of the following reasons: Collected...
Happy New Year! A new year is a new start. If you’ve faced some financial challenges last year, now is a good time to take some steps to rebuild your credit score and manage your debt. A series of small changes are all you need to bring your...
Happy Holidays from all of us at DebtCare Canada! 2020 has been a difficult year for most of us. It has taught us that it is important to surround ourselves with our loved ones and focus on things that really matter – like our physical and...
COVID-19 has severely impacted the hospitality and restaurant industries – with smaller, more entrepreneurial ventures being hit the hardest. A report released by Dalhousie University shares that tnhe Canadian hospitality industry could lose...
You may be thinking of refinancing your mortgage given that the interest rates are unprecedentedly low. Refinancing your mortgage can help you preserve your credit score by using the equity in your home to consolidate high interest debt. This...
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