2.4 trillion reasons not to borrow

Canadian consumer debt reached $2.4 trillion, according to Equifax® Canada’s most recent Market Pulse consumer credit trends and insights report. Despite a sluggish mortgage market, non-mortgage debt showed a seasonal rise in the second quarter of 2023, with credit card…

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Neophyte Journalism and Inflation

The neophyte “journalists” of the Canadian mainstream media (CBC, Global, Bell), with their liberal arts degrees in who knows what, have been chortling this week that the inflation dragon has been slayed (on behalf of their paymasters in Ottawa).  But…

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Canada is #1 in the G7 for household debt

Nothing like sticking your head in a vice. Household debt in Canada is now the highest of any G7 country, according to data released in late May by the Canadian Mortgage & Housing Corporation (CMHC) The amount owed by Canadian…

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Half think the worst is yet to come

Despite recovering 12 of the 15 points it lost last quarter, the MNP Consumer Debt Index remains more than 10 points below the historical average. The improvement reflects improved optimism, but households are far from optimistic. A scant 15 percent…

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Joe and Jane Debtor

After falling during the pandemic, consumer insolvencies are once again increasing with Canadian volumes rising by 11% year over year. The pace of growth increased throughout the year, with Canadian insolvencies up an average of 19% in the second half…

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Hoping for the best, preparing for the worst

Shoveling more money out door, along with having rising expectations of increased defaults.  Makes sense in our bizarro world, to wit; This past week earning for Canada’s biggest banks saw the country’s major lenders move in lockstep ahead of a projected economic…

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MNP Consumer Debt Index; Looking Bleak

Canadians report struggling with the rising cost of living and the consequences of seven interest rate increases throughout 2022. Nearly seven in 10 households (68%, +11 pts) say they’re feeling the effects of higher interest rates, Six in 10 Canadians…

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Canadians #1 Goal for 2023: Paying down debt

CIBC’s annual Financial Priorities poll finds that repaying debt is the number one goal for Canadians in 2023 (18 per cent), while inflation (65 per cent), rising interest rates (30 per cent), and recessionary fears (24 per cent) top the…

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