Skip to content

Taggood debt

Consolidate debt pay less interest

Want to pay off debt? Pay less interest!

Consolidate debt pay less interest

It’s not a new concept but it is one that is worth remembering and so I will repeat it. If you want to pay off debt, start by paying less interest.

January is usually a tough financial month for most of us.  Holiday bill payments, rrsp contributions, property tax bills and if you are self-employed, you probably have to make some sort of business tax or corporate tax payment.  If December is the Holiday Season, then January feels like a hangover!

Banks and Credit Card companies love this time of year because this is when we will normally carry a balance and have to pay those crazy interest rates that range from 9% to 25%.  Wait, before you get too depressed, there could be a better option.  There’s a less expensive way to manage your debt. Continue reading “Want to pay off debt? Pay less interest!”

Good debt and Bad debt - Credit Debt Loan Mortgage

Good debt and Bad debt…. do we Canadians recognize the difference?

Good debt and Bad debt - Credit Debt Loan Mortgage

I saw this article from earlier this year about Good debt and Bad debt.  Canadian Personal debt levels have now surpassed $2.21 trillion.  That’s a big number, should we be concerned?  I started to wonder how much of this is Bad debt?  Let’s take a closer look at these stats. Continue reading “Good debt and Bad debt…. do we Canadians recognize the difference?”

Debt consolidation tip… just pay less interest!

Good debt Bad debtJanuary is usually a tough financial month for most of us.  Holiday bill payments, rrsp contributions, property tax bills and if you are self-employed, you probably have to make some sort of business tax or corporate tax payment.  If December is the Holiday Season, then January feels like a hangover!

BANKS and Credit Card companies love this time of year because this is when we will normally carry a balance and have to pay those crazy interest rates that range from 9% to 24%.  Wait, before you get too depressed, there could be a better option.  There’s a less expensive way to manage your debt. Continue reading “Debt consolidation tip… just pay less interest!”

Canadians buy $4.9billion worth of Florida property in 2010

Here’s some interesting stats…. According to the Jacksonville Business Journal, Canadians accounted for 39% of all international buyers of property in Florida during 2010…  That’s $4.9billion worth of property purchased by Canadians. Wow, we must have a lot of snowbirds here.!  Or maybe we just have a lot of investors?   Perhaps it’s is a combination of the two.

One thing is for certain, Canadians like Florida…  It certainly has become a popular investment for many.   Who wouldn’t want a sunny getaway in Florida?  The ads are everywhere…condos starting at $30k… houses that once sold for $600k are now selling for $225k.  Clearly, Canadians see Florida as a bargain.

And maybe, just maybe, Canadians aren’t getting into debt for frivolous reasons?… Maybe we are borrowing with these record low interest rates to invest?   Maybe those stats and articles that keep telling us we should be concerned with the ‘high personal debt levels’ of Canadians, are not a true reflection of our spending habits…??

Most Canadian buyers of Florida property are obtaining loans from a Canadian bank.   Borrowing from a Florida bank isn’t easy these days.  That’s why many Canadians will refinance their homes and use the equity to buy their Florida property.

Borrowing to invest is a good thing…. this is known as ‘good debt’….but I don’t think there are any stats that show how much we are actually borrowing to invest…. sure would be nice to know those figures…

%d bloggers like this: