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Debt Relief Canada – Mortgage rules: How the new rules may affect you

December 18, 2012

Last week, Finance Minister Jim Flaherty announced new mortgage rules meant to cool off the overheated housing sector and help Canadians tame sky-high household debt levels. If you’re not sure that you can meet the new mortgage criteria, you have a couple of difficult choices to make. You can: pay off your debt first, save […]

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Debt Relief Canada – Consumer debt delinquency falls to pre-recession levels

December 14, 2012

    TORONTO – Equifax Canada says delinquencies on consumer debt fell to pre-recession levels during the summer – even though the amount of money owed continued to rise. The credit-monitoring firm says only 1.22 per cent of debts were unpaid after 90 days or more in the July-September quarter. That’s down sharply from 1.37 per […]

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Debt Relief Canada – The pros and cons of layaway plans

November 22, 2012

A few years ago, my boyfriend was looking for a used bicycle. After months of searching, he finally found   one. However, it was just a little out of his price range. He didn’t think he could find a similar one with all the features he was looking for, so he asked the shop if they would […]

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Debt Relief Canada – Warning Signs of Debt

November 13, 2012

There are a number of warning signs that tell you when you are too far in debt and need to make changes in order to avoid bankruptcy. You are too far in debt if you: -Frequently pay bills after their due date; -Regularly bounce cheques; -Use an advance from one credit card to pay the […]

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Debt Relief Canada – The borrowing binge: Consumer debt hits eight-year high

November 6, 2012

Despite repeated warnings, Canadians have returned to their borrowing ways, pushing consumer debt levels to a new record high. A report released Thursday by TransUnion shows that the average Canadian’s non-mortgage debt reached $26,221 in the second quarter of 2012, up $192 from the previous quarter. The $26,221 amount is the highest per person debt […]

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Debt Relief Canada – Debt-ridden family rises to the ‘100 Thing Challenge’

October 30, 2012

Economists and politicians have scolded Canadians for the past few years about their personal debt levels, but the fact that they continue to rise suggests many lack the will to change spending habits. Montreal resident Jenni Glad-Timmons, however, decided to do something to end her family’s vicious spending cycle. ‘A few summers ago, we purged […]

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