According to Bank of Canada Governor Mark Carney in a recent interview, "We have never been as indebted as we are today as individuals. We've done analysis which shows that about 10 per cent of Canadians are vulnerable if interest rates return to more normal levels, which will happen." We all want to be debt free and it is on the minds of anyone with high credit card debt, personal lines of credit, loans etc.

So what's in a credit report?

A surprising amount of detail, actually. It contains information about every loan you've taken out in the last six years — whether you regularly pay on time, how much you owe, what your credit limit is on each account, and a list of authorized credit grantors who have accessed your file. Our Credit Consellours are available if you would like to discuss your financial situation, contact us here.

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.

Here are some tips which may help. As always, our Credit Counselors can be contacted here if you find you have questions or would like to talk about your options. If you would like a complete financial review, at no cost, with your personal Credit Consultant, complete this form and provide a prefered date and time you would like to be contacted. We will review your submission and contact you then.

I ran across an interesting article in the Globe and Mail which shows a real turnaround in our views of retirement. Are you in a similiar situation and maybe in need of advice or even a debt management plan? mydebtsolution.com has a team of experienced professional credit counsellours with the answers you need. Remember, as with any financial decision you may find yourself faced with, do your due diligence, research and be informed. 

For many of us, the promise of retirement means rest, relaxation and some time to smell the roses. But for an increasing number of older Canadians, retirement means serious debt trouble.

According to a recent study by Hoyes Michalos & Associates in Ontario, 16 per cent of debtors who filed a bankruptcy or consumer proposal were “grandpa debtors” – over the age of 55, an increase from 12.5 per cent in 2008.

Carney sets the stage...

It's clearly time to start listening to Mark Carney when he talks about getting consumer debt under control. "In light of the reduced slack in the economy and firmer underlying inflation, some modest withdrawal of the present considerable monetary policy stimulus may become appropriate, consistent with achieving the 2-per-cent inflation target over the medium term," the central bank said as it held its overnight rate at 1 per cent.

"The timing and degree of any such withdrawal will be weighed carefully against domestic and global economic developments."

Mark Carney has a dilemma: He views record high household debt the number one domestic risk to the economy, but believes he would hurt the recovery if he raised interest rates to slow borrowing.

But the Bank of Canada governor said in an interview with The Canadian Press that he would be prepared to intervene if things got out of hand. Is your household debt out of hand? mydebtsolution.com stands ready to help you and your family ease the financial burden and become debt free with our credit counselling services. Our Credit Counsellours are ready to assist. Read more...

There was a police raid on an apartment just a few days ago which exposed a highly sophisticated identity theft operation. The police found credit cards, statements, credit card blanks, printers, laptops, hologram machines, all the tools required to steal your identity! So have a read below from an article in todays Province which can be found here.

Technology can be a wonderful tool, but one thing it doesn't do is differentiate between good guys and bad guys - so while technological advances make our lives easier, they also create new ways for con artists to do their dirty deeds.

Here's an interesting article from cbc.ca which highlights the need to get our debt under control. The full article canbe read here. If you need advice or require a debt management plan, mydebtsolution.com has the experience and track record to help. We have an A+ rating at the BBB and credit counsellors with years of experience. Read on. Canadians often think of themselves as a thrifty people, but economists and financial experts say we are overspending at a troubling rate. "I have a concern right now – we have more debt than our American counterparts," says Greg Pollock, president and CEO of Advocis, the Financial Advisers Association of Canada.