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.

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"Give people enough line of credit and they’ll hang themselves with debt" reads an article from the Globe and Mail. The full story can be found here or just read on. mydebtsolution.com is ready and able to help with any credit problems you maybe experiencing. Contact Us for advice or to start your own debt management program. We also offer debt settlements if that option may work for you or credit counselling to get you on the right track.

The bad boy of borrowing products – that’s the line of credit. Recently, the federal government asked the banks to stop blithely handing out home-equity credit lines to people. In his new book The Wealthy Barber Returns, David Chilton writes that credit lines can be an excellent financial tool for disciplined people. “The other 71.9 per cent of Canadians, however, should be careful. Very careful.”

Tags: Loans, Home Equity, Line of Credit, LOC Read More

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.

Tags: Credit Card, Credit Counselling, Mark Canrey, Debt Load, Consumer Debt Read More

Found an article in the Globe and Mail that you may find interesting. Full article is here. Remember, if any of this is a concern and you are feeling the debt pressure yourself, mydebtsolution.com can help. Contact Us or simply get started with a Full Review and make it your New Years resolution to "become debt free!"

Canadians have set a new record for household debt, a sign that many families are leaving themselves vulnerable to an economic shock.

The debt burden of Canadian households has surpassed levels of both the United States and the United Kingdom and, by at least one measure, they are hurtling toward those countries’ peak levels of 2007, new Statistics Canada data show.

Tags: Debt, Houeshold Debt, Spending, Financial Stress Read More

Canadians are getting the message on debt. This is according to a Globe and Mail article. The full text can be found here, or just read on.

After months of warnings from senior officials like Bank of Canada Governor Mark Carney, consumers are pulling back on their borrowing. In particular, the rate at which they are racking up new mortgage debt has slowed, according to a new analysis by Canada Mortgage and Housing Corp., a phenomenon that is partly caused by a cooling housing market.

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Does credit card debt have you worried or worse, losing sleep because of it? mydebtsolution.com can ease the pressure by helping you take control of your financial situation. Credit and debt management counselling is available in one of three methods, Our Full Review, A Quick Assessment or just Contacting Us is a great first step. The rising trend in household loans is credit negative for the Canadian banking system, says a new report from Moody's Investors Services, particularly for Canadian Imperial Bank of Commerce, which has relatively high Canadian consumer credit exposures.

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Slowdown ahead as consumers curb their enthusiasim, so says The Province. Consumer spending will be slower but more balanced as Canadians become more realistic about their ability to spend, says a report Monday from CIBC World Markets. Tags: Consumer, Debt, Spending Read More

Ever wonder what's been eating away at your disposable income?

Well, here's a tip: There's a good chance it's you.

Eating -and drinking - outside the home account for four of the top five most popular destinations for Canadians' spending money, according to BMO Bank of Montreal's recent Rainy Day Survey.

This is according to an article in the Province today. Read about it at the Province here or continue on. mydebtsolution.com offers a Full Review for those who need to gain control of their finances without going bankrupt.

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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.

Tags: Credit Card, Banktuptcy, Debt, Financing Read More

The Globe and Mail ran an interesting story on debt. Have a read and if you think you may need help in your own situation, Our Full Review can be the first step.

The good news on household debt: We know there’s a problem and we’re starting to take action.

The bad news: Still too much complacency and overconfidence.

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Could all that easy credit so available in the past come back to haunt us? The Province ran an interesting story talking about this very real debt problem facing Canadians today. If you find that this may hit too close to home, Contact Us, maybe we can help. Our Full Review is the first step in your Debt Free future. Read on.

The very thing that lifted the economy from the depths of the recession - Canadians' passion for owning a home - could also be its undoing, warns the chief economist for RBC Global Asset Management.

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I found an interesting article today in the Calgary Herald talking about the debt crisis currently facing the US and its possible impact on those of us north of the border. The full article can be found here, or just read on. Our Full Review could be the first step to solving your own personal debt crisis.

Canada could come out of the rancorous U.S. debt-ceiling debate unscathed, but might face far more serious consequences if legislators fail to firmly resolve the issue, TD Economics said in a report Thursday.

"The impact on Canada could range from a hiccup in our base-case economic outlook, to one in which we are thrown back into a recession that could have a global reach," chief economist Craig Alexander said.

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An interesting article on the Vancouver Sun webpage today caught my attention. It says that household debt in Canada has risen to new heights yet again. The complete article article can be found here. Please feel free to contact us if you have any questions regarding your own debt situation.
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With the end of the school year fast aproaching, many students will be faced with the challenge of paying off their student loans. An interesting article in the Vancouver Province talks about his very issue. You can find the complete article on the Vancouver Province website here. As always, we can be contacted here if you have any questions or concerns with your own current situation.
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