Source: Anne Gaviola, globalnews.ca, March 20, 2021 This debt spike comes as emergency federal supports and loan deferral programs begin to wind down. Financial worries have crescendoed after tapering off during most of the COVID-19 pandemic, according to accounting firm MNP’s Consumer Debt Index. The report published Thursday found 53 per cent of respondents across… Continue reading Many Canadians $200 or Less Away From Financial Brink
Tag: credit card
Americans Are Saving Like It’s the ’80s
Source: Matt Egan, saskatoon.ctvnews.ca, May 13, 2020 Fear of job loss due to the COVID-19 pandemic, many are drastically scaling back their credit card debt, the most expensive form of typical borrowing. Americans are slashing their spending, hoarding cash and shrinking their credit card debt as they fear their jobs could disappear during the coronavirus… Continue reading Americans Are Saving Like It’s the ’80s
Many are receiving refunds for credit card insurance they didn’t originally sign up for
Source: Yvonne Colbert, cbc.ca, April 30, 2020 After having no recollection of signing up for the insurance, one lady was refunded $7,452.90 and another was refunded almost $4,000. The insurance is often identified on credit card statements as balance protection, balance protector or credit card insurance. It’s not every day a bank refunds thousands of dollars,… Continue reading Many are receiving refunds for credit card insurance they didn’t originally sign up for
Quebec is making credit card users make higher payments. Should other provinces follow suit?
Source: Kerri Breen, Global News, August 2, 2019 Quebec has introduced new rules intended to make consumers to pay down their credit cards faster — and with less interest paid. As of Thursday, banks must charge borrowers at least two per cent of their outstanding balance each month. The rate will increase incrementally, to 2.5 per cent… Continue reading Quebec is making credit card users make higher payments. Should other provinces follow suit?
Security alert: How vigilance can keep contents of your wallet safe
Source: Craig Wong, The Canadian Press, November 23, 2017 OTTAWA — When Doug Hoyes had his credit card information stolen, fraudsters used it to pay for three taxi rides in Toronto. He wasn’t in that city, but discovered the charges while routinely checking his card transactions online and notified his bank, which cancelled the card. Hoyes,… Continue reading Security alert: How vigilance can keep contents of your wallet safe