Debt Consolidation is the process of combining multiple debts into one. Use this calculator to calculate what your new monthly payments would be, how soon you could be debt free, and how much your total interest amount would be when you consolidate your...

The CBA partnered with Credit Counselling Canada, an association of accredited non-profit credit counselling agencies, to offer the Debt and Money Quiz.  The online tool helps Canadians assess their financial health and provides recommendations to help those who are struggling...

ACORN Canada undertook a study focusing on high interest loans, especially when taken online. For the purpose of the study, high interest loans were defined as loans such as payday loans, installment loans, title loans etc. that are taken from companies/institutions that are not regular banks or...

As part of Momentum’s systems change planning process that was grounded in both participant and community experience, the issue of payday loans and other forms of high-cost credit (e.g., pawn, installment, rent-to-own, title and car loans) emerged as a priority issue for Momentum to address the...

Collection of money management resources, including how create effective budgets, realistic spending plans, deal with your debts, save more money, build a stronger credit rating, and prepare for...

The DUCA Impact Lab defines fair banking as any financial product or service that lives up to the following set of principles: Pricing is clear, transparent, and well understood Pricing is representative of the cost of funds, cost of administration and risk, rather than what the market will...

This paper introduces a novel survey measure of attitude toward debt. Survey results with panel data on Swedish household balance sheets from registry data are matched, showing that debt attitude measure helps explain individual variation in indebtedness as well as debt build-up and spending...

This research report compares the long-term financial outcomes of Canadians, based on a study comparing consumers who used a debt management program (DMP), bankruptcy (BK), or a consumer proposal (CP) to obtain relief from...

A guide comprised of 12 fact sheets for consumers to learn more about credit, grouped into the following topics: general information, warnings, credit products, and comparison tables. (Please note this is a French-language...

The Office of the Superintendent of Bankruptcy Canada releases statistics on insolvency (bankruptcies and proposals) numbers in Canada. The latest statistics released on November 4, 2020 show that the number of insolvencies in Canada increased in the third quarter of 2020 by 7.9% compared to the...

During the Four Actions that Can Hurt Credit Scores webinar, you'll learn about: Key events which can bring down credit scores How collections are reported to credit bureaus and how long they affect scores What can happen to credit scores when you apply for too much credit in a short amount...

Household debt levels in Canada have been rising since the 1990s, which poses increasing risks for Canada’s economy and Canadians’ financial health. However, the debt ‘picture’ for an average low- or moderate-income household is likely to be quite different from higher income...

This report used a longitudinal, nationally-representative sample of approximately five million de-identified credit records maintained by one of the three nationwide consumer reporting agencies. Trends in debt settlement and credit counseling during the Great Recession and in recent years are...

This report presents the results of a Consumer Financial Protection Bureau (CFPB) funded evaluation of a Credit Builder Loan (CBL) product. CBLs are designed for consumers looking to establish a credit score or improve an existing one, while at the same time giving them a chance to build their...

This report documents the early effects of the COVID-19 pandemic on credit applications, which are among the very first credit market measures to change in credit report data in response to changes in economic activity. Using the Bureau’s Consumer Credit Panel, how applications for auto loans,...

More than 44 million people in America have taken on student debt to pursue a post-secondary education. These borrowers collectively owe around $1.6 trillion in student loan debt. Borrowers exist in every community, but some are particularly vulnerable to its impact.  Women hold two-thirds of all...

Almost half of low-income households and 62 per cent of moderate-income households carry debt, with households on low incomes spending 31 per cent of their income on debt repayments, according to a new report published by national charity, Prosper Canada. This report analyzes the distribution,...

Everyone needs to bank and nearly everyone has a relationship with at least one financial institution. Financial Institutions need relationships with consumers too, in order to thrive as businesses. The role these relationships play in financial decision making for Canadians is an important...

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...