Consumer insolvencies in Canada are going up. Rapidly. Naturally, this is puzzling a lot of financial analysts and the media. Why would more Canadians be filing for bankruptcy when we have low interest rates, low... Read more »
Words matter. Have you ever wondered why a credit card isn’t called a debt card like it should be? Think about it. That’s what a credit card really does – it gives you debt. Well, I’ll... Read more »
November is financial literacy month in Canada, and for the seventh straight year the government will encourage Canadians to “take concrete actions to better manage their money and debt, including making a budget, having a... Read more »
It’s happened before: a company gets cocky, thinks they will make money forever, and spends a lot of money putting their name on a building. We all remember Enron Field, named in 2000, home of... Read more »
As a Licensed Insolvency Trustee, my clients tell me how difficult it is to live on minimum wage. That’s why they often have no choice but to use debt to survive. I know that the... Read more »
Last week we discussed the impact car loans have on our debt levels. This week we’re taking a larger bite out of secured debt and discussing how homeowners cope with their debt, and what they do... Read more »
It’s no secret that Hoyes Michalos is not a fan of debt consultants. We’ve written about our concern with debt consultants many times. It’s for this reason that I was quite pleased to see the... Read more »
In a study released by Hoyes Michalos, we know that payday loans are a big problem. This is especially true for people who are already carrying high levels of credit card and other revolving debt.... Read more »
Payday loans are a loan of last resort for a lot of people. A previous Hoyes Michalos – Harris Poll showed that 10% of Ontarian’s admitted to using a payday or short-term loan (we’ll refer... Read more »
We have a crisis and it’s called payday loans. At Hoyes Michalos we believe payday loans are a real problem because all too often they create a vicious cycle of debt. We also don’t believe that... Read more »
We don’t just have a financial literacy problem in Canada, we have a debt literacy problem. Household debt in Canada continues to skyrocket, reaching a “gravity-defying” $2 trillion in December 2016. While it’s true that we... Read more »
Every two years Hoyes, Michalos & Associates publishes what we call our Joe Debtor study. This study examines the average person who experiences financial hardship. A portion of our study is dedicated to the female... Read more »
My guest today is Michael Chong, the Member of Parliament for the federal riding of Wellington-Halton Hills, and an advocate for the privatization of the Canada Mortgage and Housing Corporation. First, some background: As we... Read more »
Everyone wants to end poverty. The controversy begins when you start talking about how to solve the problem. One solution which has received a lot of media attention lately is the concept of a basic... Read more »
In June 2016 Walmart Canada announced that they believe interchange fees charged by Visa are too high, so, starting with their three stores in Thunder Bay Ontario, they would no longer accept Visa cards at... Read more »
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