Dealing with debt collection issues can be challenging—especially when you’re not sure if the person you’re being contacted by is a legitimate debt collector or someone trying to scam you. This video from the Consumer Financial Protection Bureau in the United States shares useful tips on...
This backgrounder reports preliminary findings from a survey of financial well-being among Canadian adults. Preliminary analysis of the survey data indicates that two behaviours are particularly important in supporting the financial well-being of Canadians. First, our analysis indicates that...
For many, homeownership is a vital part of the American dream. Buying a home represents one of the largest lifetime expenditures for most homeowners, and the mortgage has generally become the financing instrument of choice. For many families, their mortgage will be their greatest debt and their...
Financial problems can be a significant source of distress, putting pressure on people's mental health, particularly if they are treated insensitively by creditors. Some people in financial difficulty cut back on essentials, such as heating and eating, or social activities that support their well...
This is a one-hour webinar on debt management solutions in Canada for situations where someone's debt is significant enough that specialized solutions are needed. The speakers explain what steps are likely to be involved in the credit counselling process in setting up a debt management plan, or...
Using data from the Survey of Financial Security (SFS), this article looks at changes in debt, assets and net worth among senior Canadian families over the period from 1999 to 2016. It also examines changes in the debt-to income ratio and the debt to-asset ratio of senior families with debt. This...
The Canada Mortgage and Housing Corporation (CMHC) publishes a quarterly report on Canadian trends relating to mortgage debt and consumer borrowing. Find out the level of Canadian household indebtedness, and emerging trends in outstanding debt balances in different urban areas and by age...
The CFPB conducted research on consumer challenges in tracking spending and keeping to a budget. The research found that consumers aspire to manage their spending but for many reasons, many consumers spend more than intended and sometimes have\ difficulty in staying within their budgets. In...
Using pooled data from the 2012 and 2015 waves of the National Financial Capability Study (NFCS), this research finds that young adults who were required to take personal finance courses in high school were significantly less likely to borrow payday loans than their peers who were not. These...
When dealing with debt, there can be some difficult situations where you may need help. If you are dealing with creditors, or collection agencies, there are steps you can take to ensure you are communicating clearly. It is also important to know your rights and options. This worksheet describes...
Knowing your credit history is an important part of managing your debt. It is important that you get your free credit report once a year to check for any errors. The information on this page will help you: Get free copies of your credit reports Understand what’s included in your credit...
This worksheet helps you set a spending plan for the month, one week at a time, based on the money you have coming in and going out that week. 'Making a spending plan' is the fifth worksheet in the 'Dealing with debt' toolkit. Find the full resource...
Unexpected expenses can make it harder to pay off debts. Knowing your spending needs can help prevent borrowing more money in the future. Use this worksheet to plan ahead for emergency or fluctuating expenses. If you can make a plan to pay for these this year, you’ll be less likely to borrow...
Once you’re ready to start tackling your debt and have a clear sense of how much you owe, your next step is to make an action plan. Use this worksheet to think about your debt repayment goals, the steps you can take now, and the help you will need along the way. 'Making a debt action plan' is...
Knowing what you owe is the first step to paying it off. This worksheet will help you see the full picture of your debt. Although it may be difficult to face, it is an important first step. Then you can think about 'What do I owe?' is the second worksheet in the 'Dealing with debt' toolkit. Find...
What would it feel like to have less debt in your life? What other goals or activities would be possible? This worksheet will help you think about your values and goals. Setting goals is the first step in making a debt repayment plan. Think about what is motivating you towards your goal. 'Your...
This article in the Economic Insights series from Statistics Canada examines the economic well-being of millennials by comparing their household balance sheets to those of previous generations of young Canadians. Measured at the same point in their life course, millennials were relatively better...
This Economic Insights article quantifies the degree to which families who expect their financial situation to get better in the next two years have, all else equal, more debt than comparable families. The study shows that even after a large set of socioeconomic characteristics is controlled for,...
This calculator from the Financial Consumer Agency of Canada determines your mortgage payment and provides you with a mortgage payment...
These results are from the new study "Debt and assets among senior Canadian families." released in April 2018. The study examines changes in debt, assets and net worth among Canadian families whose major income earner was 65 years of age or older. In recent years, household debt has increased....
Many of us struggle to talk about money, especially when it comes to talking about debt. It is when debt becomes too much for us to manage, or when we do not have a plan to pay it off, that it can become stressful and even overwhelming. This is when it is time to have those tough conversations and...
Understanding the health of the balance sheets of Canadian households is a complex issue that continues to generate considerable discussion. A new Statistics Canada study contributes to these discussions by highlighting the extent to which national measures of indebtedness and wealth mask...
Debt-to-income ratios in Canada have continue to rise since the 2008-2009 recession, especially in urban centres where housing prices have increased over the last few years. This infographic from Statistics Canada shows where debt-to-income ratios are highest across...
This tool from the Financial Consumer Agency of Canada will help you compare different payment options to pay off your credit card balance. statement. If you can't, you can still reduce the amount of interest you will have to pay. The credit card payment calculator compares 3 different payment...
Pour souligner leurs 50 ans d’histoire, les Associations de consommateurs du Québec s’unissent pour offrir à la population québécoise un portail qui rassemble toute une gamme d’informations et d’outils développés au fil des années grâce à leur expertise en finances...
