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Canadians keeping credit cards in their wallets

Overall Canadian household credit is growing at its slowest pace since 2002 while consumer debt-to-income ratios have stabilized, signs that consumers are starting to pull back from borrowing, a new report from CIBC World Markets said.

Benjamin Tal, deputy chief economist with CIBC, said that household credit growth has averaged an inflated 8.2% in the past decade, a trend that looks to be coming to an end.
“When it comes to household credit growth, the past decade was the exception, not the norm,” he said in a report.


CLICK HERE for the article at The Financial Post

Gary Dutton
EraseYourDebt.ca
604-622-6262
EMAIL GARY NOW

Rising housing costs squeezing savings

Before Megan Barnes started shopping for a condominium, she made sure she drew up a budget of what she could afford.

She eliminated buying a place downtown, and instead opted for Richmond Hill where she could get a larger place for the same price. She also tried to keep her emotions in check, staying away from a property that she really liked because it ended up in a bidding war.


CLICK HERE for the entire article

 

 

Gary Dutton

EraseYourDebt.ca
info@eraseyourdebt.ca
604-639-4447

BMO Offers Canadians Tips on How to Reduce Debt

TORONTO, ONTARIO--(Marketwire - June 24, 2011) - New figures released this week show household credit market debt climbed to an all-time high of $1.524 trillion in Q1, or a record 147.3 per cent of disposable income. While growth in household debt has cooled in recent months, it continues to outstrip income growth.
Additionally, the 2011 BMO Annual Summer Spending Study shows 32 per cent of Canadians are living at or beyond their means, with 27 per cent living paycheque to paycheque – a 10 per cent increase over last year.
 
CLICK HERE to access the complete article

Gary Dutton
EraseYourDebt.ca
info@eraseyourdebt.ca
604-639-4447

Mothers and money: one financial adviser's story

With Mother's Day around the corner, financial advisor Paul Gleeson of Vancouver-based Nicola Wealth Management shares some money words of wisdom learned from his financially savvy mother. Gleeson now provides financial advice to high-net-worth business owners, professionals and entrepreneurs, but he says much of his mom's advice still applies.

CLICK HERE to read what Paul Gleeson learned from his mother

Gary Dutton
EraseYourDebt.ca
604-622-6262
EMAIL GARY NOW

Younger families most snared by debt

Debt is the slavery of the free, the Syrian writer Publilius Syrus said all the way back in the 1st century B.C.

And here we are, a few millennia later, more ensnared than ever.

Canadian household debt loads hit record territory this year, surpassing even levels south of the border. A new Statistics Canada paper out Thursday sheds some light on just who’s most indebted and why.

CLICK HERE for the story from The Globe & Mail

Gaqry Dutton

EraseYourDebt.ca

604-622-6262 tel

info@eraseyourdebt.ca

Most common money mistakes couples make

You may think you and your spouse have a good handle on your finances, but even smart couples make money mistakes. Get beyond “getting by” and learn how to manage your money! Stacy Morrison, editor-in-chief of Redbook magazine, has smart solutions to the top money mistakes that couples make.

CLICK HERE to view the video from TODAY

Gary Dutton
http://www.eraseyourdebt.ca/
604-622-6262 tel