With a lot of media coverage regarding LOC's (line of credit) these days, this article is a timely reminder that we should always ask first, act second espeically in the matters of our financial affairs. Maybe you've found yourself with more questions than answers lately regarding your creidit card debt or maybe you are in need of some credit counselling. Whatever your needs, mydebtsolution.com is here to help. We are a current member of the BBB and have maintained a consistent Triple A rating. Contact Us if we can help. Read on...

Catherine and her husband tapped into their first home equity line of credit 15 years ago, when they needed $30,000 to buy a car.

The rate on the line of credit was attractive and, having been mortgage-free for a decade, the Thornhill couple figured it would be a quick and easy way to get cash. A few years later, they needed another car, so their bank happily raised the amount to $70,000.

From the Globe and Mail, is this a good start to the new year? Our Full Review remains the best choice for those who find themselves in financial difficulty. Low interest rates and an entrenched culture of spending are changing the face of indebtedness in Canada, driving people who already are deeply in debt – particularly those over the age of 45 – to borrow ever more, even as incomes stagnate.

A new analysis by Canadian Imperial Bank of Commerce on consumer debt shows that families that already are borrowers are driving virtually all of the increase in the country’s debt load. Much of the rise is being driven by the baby boom generation, raising concerns that a demographic group that should be focusing on saving for retirement is instead digging itself faster into a financial hole.

The Globe and Mail ran an interesting story with valuable tips on controlling credit. The story can be found here, or just read on.

With credit abundantly available, getting what you want right away, regardless of whether you have the cash to pay for it, is common practice. There are many rationales for convincing yourself that this behaviour is acceptable: you've had a rough week and you deserve a treat; you'll be able to pay off your credit card as soon as you get your next paycheck; you need a new mp3 player to help you lose weight; or perhaps you feel that you've waited long enough for that new car and you're not willing to wait anymore.

Financial institutions have morphed from 'credit providers' to 'credit pushers,' Wealthy Barber author says in new book.

Some 22 years after writing The Wealthy Barber, which became easily the bestselling personal finance book in Canadian history, David Chilton has a dire warning in The Wealthy Barber Returns, to be released this fall. Taken from The Vancouver Sun, the full article can be found here.