Your Credit Education Specialists™
Debt Canada, a credit education website, is an initiative of Solutions™ Credit Counselling Service Inc., a Federally Registered Canadian company located in Surrey, BC. Our mission is to help our clients get out of debt, and to understand the practice of sound money management through credit counselling, debt management and credit education services. The creation of ths resource website is a part of the work we do to further that mission. Find out more about us ...
Welcome to DebtCanada, your Canadian Credit Education Centre. Here are our latest articles, presented for your budgeting and financial planning inspiration!
Robots Money and Human Nature
I’m happy to see that all the money I spent on art classes for my children may pay off in the future when robots take over. At least that’s one futuristic prediction flowing from Douglas Todd’s latest well-written article in the Vancouver Sun entitled, Robots are coming to work. Is a guaranteed income far behind?
Debt and Bank Fraud
Today there is good and bad news.
The good news came from a StatsCan report about all of the household debt in Canada that many experts have been complaining about – how Canadians have been accused of being bad money managers but guess what? This report confirms that we are not broke and precariously dangling from a cliff of troublesome household debt, but quite the opposite. Canadians have significant assets to back all of the debt – and more. There is a net-worth surplus.
As published recently by the Vancouver Sun, a former chief economic analyst for Stats Can, Philip Cross, revealed that two-thirds of the $1.8 trillion in household debt were mortgages.
Finally someone agrees with what I’ve been saying for many years.
Is your debt acceptable?
It’s easy to tell if your debt is affordable, either you can make the payments along with your other expenses, or you can’t. But if you can “afford” your debt, does that make it acceptable? What may help with that answer is knowing how your debt compares to that of other Canadians.
Do you know if you have more debt than your neighbours, or more than the average Canadian?
If you do have above-average levels of consumer debt, realizing that could be a wake-up call.