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Financial SOS: Getting out of the debt trap

Bank of Canada Governor Mark Carney has warned us that household debt levels are reaching critical stages, so has Finance Minister Jim Flaherty and the Office of the Superintendent of Financial...

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When your credit card charge is denied

Considering how often Marjorie Asturias’s credit card charges have been denied recently, you’d think she was a notorious scammer, or an international art thief.”We have plenty of credit on the card,...

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Bad financial advice takes a staggering toll

It was an investment plan some would say was doomed to fail, $263,000 borrowed at a 6% interest rate to finance a speculative collection of mutual funds with some of the highest management expense...

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Yes, you can reestablish your credit rating

Canada’s delinquency rate is falling, according to one of the country’s credit agencies. Equifax Canada said the rate — defined as missing three or more consecutive payments on debt obligations—...

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The psychology of debt

Scotia Insight By Carl Klug Have you noticed that it’s easier to achieve something when you have a clear image of your goal? For example, placing a photo of Paris on your desk can inspire you to keep...

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Maybe debt isn’t so bad after all

I received an email this week from a U.S. money coach telling me I need debt. The self-described author, investment and financial planner says there is a need for debt for a prosperous future. “The...

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Canadians focused on cutting debt, poll finds

TORONTO — The majority of Canadians are in debt but nearly half of them are trying to pay off their dues ahead of schedule, according to a survey conducted for a major bank. The study, commissioned by...

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Does Mulcair have it right?

Thomas Mulcair remortgaged his house 11 times since the early 1980s. Is this bad debt and the result of poor financial planning? Or is this exactly what debt should be used for — enhancing both your...

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Good debt vs. bad debt: Read our online forum

Good debt or bad debt, for some it is all the same and to be avoided at any cost. But what if the debt was to be used to further your wealth, by buying a house that will appreciate or an education that...

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How low rates have changed us

Most Canadian debt will be paid off many years into the future at future rates Canadians celebrated the two-year anniversary of rock bottom interest rates this week. But as a retirement planner, my...

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Canadians willing to pile on debt to cover unexpected costs: survey

TORONTO — A new poll suggests that most Canadians are quite comfortable with using debt as a financial strategy — at a time when debt loads have risen to alarming new highs. The survey, done for...

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Impulse buying is costing Canadians thousands a year

We’re really struggling to save money on a monthly basis MONTREAL, Que. — A majority of Canadians surveyed by the Bank of Montreal say they shop to cheer themselves up and mood-lifting impulse...

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Canadians’ debt bonanza: A week of warnings

In case you somehow missed the news: Canadians are deep in debt and getting in deeper. Our 152% debt-to-income ratio is being burned into our brain. If you don’t feel badly enough about it already, the...

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How the middle class can avoid financial blunders

One essential truth remains: In a society that thrives on spending and consumption, increased saving can help avert financial disaster in the future As we head into the autumn of a contentious U.S....

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How low rates curtail our spending

WASHINGTON — The Federal Reserve’s strategy of holding interest rates near zero to spur the economy is creating a level of uncertainty for American savers that may be softening the policy’s punch. The...

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Video: Melissa Leong’s tough love on holiday spending

[youtube=http://www.youtube.com/watch?v=jRNDzZsKlBA&w=620&h=379] RelatedHow to avoid a holiday hangoverIs tech spending ruining our finances? Find FP Personal Finance on Facebook

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The skyrocketing cost of raising kids

Jenn Pedernera and her husband, Miguel, always wanted four children — but they’re stopping at two. Like many families today, they find almost everything about raising children is pricier than they had...

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Calculating the optimal debt load

Our household debt is at a record high and gets higher every time Statistics Canada releases new data on debt-to-income ratios. From 84% in 1990 to 164.6% today — it’s an alarming leap, a dramatic...

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Five signs that you’re on debt row

If you’re constantly in debt, then you’re on debt row. Eventually, your debt will catch up to you and you will become insolvent, Ed Portelli, president of OCCA Consumer Debt Relief, warns. “These are...

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Financial SOS: Getting out of the debt trap

In this Financial SOS series, we will look at real problems faced by average and low income Canadians, and we'll search high and low for a way to help them out

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