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.


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Gary Dutton
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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.


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