Time and money - how often do we find ourselves with enough of either? My mission is to ensure our planning helps you make choices that will give you more of both. I have spent the better part of the last decade as a Branch Manager with a major Canadian Bank - I know how to tailor financial solutions for any need. With 18 years total experience in the banking industry, I have extensive experience in debt planning, restructuring as well as home purchase financing. Whether this is your 1st or 21st time assessing your finances, my advice can enhance your life for the better. ...
Canadians piling up ‘good debt,’ report says
Date Posted: August 27, 2015
In a new report on Canadian debt, 80% of those surveyed said “smart debt” such as mortgages, home repairs/renovations and education expenses topped the list of debt sources. The average amount of debt saw an increase of $16,860 compared to last year according to the Bank of Montreal.
With the hot housing markets being up 6 per cent from the first half of this year, mortgages are said to be a "significant contributor" for 49 per cent of those surveyed. Home renovations or repairs also contributed to one-third of Canadians debt, part of this due to an aging population spending more to fix their homes.
With inexpensive credit and extended loan terms there is also a concern for those accumulating “luxury debts” such as vacations, entertainment, and home electronics. This year we have also hit a record high for car purchases which contributed to 46 per cent of Canadian’s debt levels.
It is always a good idea to work with a professional to see how new debt impacts your overall financial plan.