Credit Card Debt

Canadian credit card debt dropped during holiday season
TORONTO – There was a surprising drop in the amount borrowed on credit cards by Canadians during the holiday-laden fourth quarter, but overall non-mortgage debt went up substantially across the country, a credit analysis firm reported Wednesday.
TransUnion said average total debt per Canadian consumer, excluding mortgages, was $25,709 in the fourth quarter of 2010 — up 5.6 per cent from $24,346 in the comparable period of 2009.
Only a small portion of the total in either year was drawn on credit cards, which usually charge among the highest rates of interest.
The surprise, according to TransUnion, was that the average credit card debt in the fourth quarter of 2010 dropped by 2.7 per cent from a year earlier to $3,688.
Lines of credit were the biggest form of consumer debt tracked, and increased to nearly $34,000 — up 8.8 per cent over the year.
“From the increase in lines of credit this quarter, one can safely assume that many Canadians ultimately relied on this form of credit during the last three months of 2010 and the important holiday shopping season,” said Thomas Higgins, TransUnion’s vice-president of analytics.
“Since many lines of credit offer attractive interest rates, many Canadians have learned to use credit cards in their initial purchase and then pay off or down the balance using their line of credit. This allows them to take advantage of both the loyalty programs many credit cards offer and lower interest rates of their line of credit.”
Auto loans were the second-biggest form of non-mortgage debt tracked by the report and TransUnion found the Canadian average rose to nearly $16,200 per borrower in the fourth quarter, up 11 per cent from a year earlier.
However, it found that total auto debt for the country as a whole declined to $45.8 billion in the fourth quarter, from $48.3 billion in the comparable period of 2009.
“While total auto debt continues to decline in Canada, it is interesting to see auto debt per auto borrower rise,” Higgins said.
“This means those Canadians with autos loans are either purchasing higher end vehicles, or newer ones.”
TransUnion’s analysis is based on an active credit population of 24.9 million consumers in Canada.
The Canadian Press http://www.therecord.com/news/business/article/485988--canadian-credit-card-debt-dropped-during-holiday-season

If you are interested in learning more about managing credit card debt and budgeting you should talk to one of our debt advisors. We can give you a bit more information on how you should be handling your credit.  http://www.integrabenefits.ca/http://www.integrabenefits.ca/

Holiday Financial Troubles

Has Christmas left a hole in your wallet?  You are not alone.  Come January many people find themselves faced with those dreaded credit card bills from December, not quite how you wanted to start the New Year off.
 Making financial decsions at this time of year can be very overwhelming, and Debt Advisors are here to help! They are there to help you make those financial decisions that are stressing you out.  Whether you need budgeting advice, refinancing your mortgage, negotiate debts, or ways to build up your credit, they will do their best to listen to your situation, and try to provide assistance.
Call 403.331.4567 to speak to someone today about your situation, and relieve some of your stress. 

Money Problems and Possible Solutions

Here is an article providing five money problems people can find themselves in and some reasonable solutions.
http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/five-big-money-blunders-and-their-fixes/article1800829/page2/

If you want more solutions to your money woes, please visit us at http://www.integrabenefits.ca/
and call or email us!  403.331.4567, meredith@intgerabenefits.ca

More Canadians in Debt Than You Would Think

Here is proof that you are not alone, if you are in debt!  Global News Calgary did a story on "Debt Dilemma" in their Consumer SOS segment.  Have a peek if you didn't already catch it on the news. 

http://www.globaltvcalgary.com/video/index.html?releasePID=68rk5ivuW9BNegH_Ppl3RW84p_LM1KUc

Call us if you have any questions regarding your current situation...403.331.4567

TAX FREE SAVINGS ACCOUNTS

Looking into a tax free savings account, but have some questions?  Here are some questions and answers to have a look at...

http://www.financialpost.com/personal-finance/Your+TFSA+mysteries+solved/3840036/story.html


Also check us out at Integra Benefits and see how we can help you!

Are You Saving For Retirement?

Are you saving for retirement?  Check out this article I found in the Financal Post.  Something to think about!
http://www.financialpost.com/personal-finance/many+clowns+with+financial+plan/3814594/story.html

Money Mistakes

This is a great article for couples, shed some light on common error couples make when it comes to money.  It gives you something to think and how you can avoid unnecessary problems, when entering into a new marriage or common law relationship. 
http://ca.finance.yahoo.com/personal-finance/article/yfinance/1886/the-biggest-money-mistakes-couples-make