Middle Income Earners Determined to Stay Out of Debt

 

New research shows a generation termed the Coping Classes are committed to shopping around and reducing their borrowings, to help them survive the effects of the recession.

The study by Friends Life revealed this group of middle income earners (£25-50k) who have been impacted by the recession, feel disproportionally affected by the public sector spending cuts, and have, as a result, an altered attitude towards debt.

Eighty four percent said they are committed to avoiding taking on any more debt in the next six months, and nearly three quarters said they are putting plans in place to pay off the majority of their debt in the next 10 years.

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

To Refinance or Not

With interest rates down, should you remortgage?

People say that if you put 10 economists in a room and ask a simple question, you will end up with 10 different answers ...

About seven months ago most world economists were predicting that oil was going to be trading at $150 a barrel in early 2009; when I checked the price this morning it was $35. Inflation was a big concern and their collective mantra was that interest rates would go up in order to keep the economy in check.

CLICK HERE for the entire story from Canadian Immigrant

Reverse mortgage market likely to grow

Demand for financing option getting stronger

By Paul Barker, Postmedia News April 1, 2011

 

HomEquity Bank, operator of the Canadian Home Income Plan reverse mortgage, better known as CHIP, has a mono poly today, but mortgage experts say it's only a matter of time before competitors move into this highly lucrative and growing market.

"I can't predict when it might happen, but I know there are people looking into this space," says Robert Mc-Lister, a mortgage specialist with brokerage firm Mortgage Architects in Vancouver and co-founder of CanadianMortgageTrends.com.

CLICK HERE for the entire story at VancouverSun.com

For more information contact:
Gary Dutton
EraseYourDebt.ca
604-622-6262

Saip's shabby treatment reflects morality of another age

The manner in which the Conservatives dealt with him is another example of why good people avoid political life

By Craig McInnes, Vancouver Sun

A column about disclosure should begin with a few.

My first marriage failed. I have invested in businesses that went bankrupt. In retrospect I made poor decisions although they always seemed like good ideas at the time.

I have been in disputes with Revenue Canada. I have won some and lost some. They were always painful.

All of these life experiences are part of who I am today, for better or worse. I think for better.


Read more: http://www.vancouversun.com/Saip+shabby+treatment+reflects+morality+another/4509122/story.html#ixzz1Hx0CUDLA

CLICK HERE for the entire story at VancouverSun.com

Deep in debt, spendthrift up against retirement

Situation Civil servant with negative net worth

Strategy Rein in spending, work part-time, pay debts

Solution More discretionary income

In Vancouver, a woman we'll call Suzette, 58, has put 37 years into her job and wants to retire in a few months, then return to work part-time. She will have to work to supplement her pension, for her financial cupboard is almost bare. Her assets are $2,500 in an RRSP. Period. She lives on credit. She rents a home from her ex-husband for $900 a month, which is 18% of her $4,983 monthly take-home income.

CLICK HERE for the entire story from The Financial Post

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Staring down retirement, spendthrift deep in debt

In Vancouver, a woman we’ll call Suzette, 58, has put 37 years into her job and wants to retire in a few months, then return to work part-time. She will have to work to supplement her pension, for her financial cupboard is almost bare. Her assets are $2,500 in an RRSP. Period. She lives on credit. She rents a home from her ex-husband for $900 a month, which is 18% of her $4,983 monthly take-home income.

Her plan, which she would put into place when she turns 59 in March, would boost her monthly pension income with $3,500 part-time income and, after deductions and taxes, give her about $7,000 of after tax income each month.

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