Wait a minute.. Record savings? Yup, that’s right.. Canadians are sitting on more cash than ever before. A record $75billion, according to a study published today by CIBC economists Ben Tal and Royce Mendes. Click here to read more
Yet, earlier this month, we saw a flood of articles warning of ‘Record personal debt levels’. Which strongly implied we were borrowing and spending like fools. So which is it? Record debt or record savings? Continue reading “Record Savings Levels! Canadians? I thought we had Record personal debt?”
We’re well into January… and right about now, some of us are avoiding the mail for fear of seeing those holiday bills! Ok, so besides avoiding the mail, what’s the best way to tackle those debts?
Here’s some helpful ‘did you know’ questions… Enjoy! Continue reading “Credit Card hangover? Make 2016 a painless year….”
Fixed mortgage rates went up this week on the wholesale market. Only about a 0.10% increase… We are still way below 3.00% for 5 yr fixed rates. Hey, that’s pretty good! (watch for the media to blow it out of proportion soon.. they seem to love feeding on negativity).
Thought I’d share some quick numbers.. Did you know that a $300k mortgage will still carry for $1380/mth? And that’s with a 25 yr amortization. If we go to a 30 year amort, the payment drops to $1221/mth.
Let’s increase the mortgage to $400k.. payments are $1840/mth and $1628/mth for a 25 and 30 year amortization, respectively. Hey, these are still incredibly low mortgage rates. Anything under 4.00% should be considered a gift. (I’ll get into what Canada’s wealthy are doing in a few moments) Continue reading “Mortgage cost today is $1380/mth for every $300k… and sharing high net worth secrets.”
There’s a lot of talk in the media about Canadians carrying too much debt. We’re getting hammered with messages of ‘record high personal debt levels’. It’s true. Our mortgage balances are higher, car loans are higher, student loans are higher, personal loans and lines of credit balances are higher.
Is this a problem? Are Canadians in trouble? Is this a reason to panic? Let’s try to answer…
Well, here’s one very interesting stat that might crush that statement once and for all. Canadians, on average, spend 14% of after-tax income on personal debt.
Did I surprise you? I’ll bet most people thought that number would be way higher given all the negative reports in the media. Continue reading “Personal debt level concerns are overblown…!”
Mortgage penalty calculations continue to mystify Canadian consumers. For years, I’ve posted numerous articles on penalties… how they affect us… how they are calculated…..why you need to understand them.. and most importantly, HOW TO AVOID THEM!!
Today, I’ll give you explicit details on the great mortgage penalty mystery…
I’ve shared dozens of horror stories about average Canadians being hit with mortgage penalties of $12,000, $15,000, $20,000, $30,000 and more. These examples aren’t from some obscure small financial institution. It’s your BIG SIX BANK. Yet, the attitude from Consumers is that it won’t or doesn’t affect them….until it’s too late.
I’ve also shared the solution on how to avoid this… and I’m going to share that with you once again.. If you want to know how to avoid monster penalties, then take a few minutes and read this.. It could save you untold $$thousands…. Continue reading “Historical low mortgage rates mean RECORD HIGH penalties for BIG SIX BANK clients!”