| Thursday Ticket! Check out our weekly tabloid entertainment supplement for the latest local arts news
Canadians continue to sink deeper in debt. A recent Statistics Canada report stated that Canadian consumer debt surpassed disposable income in 2002 and household debt had soared to $916 billion in 2005. By 2005, Canadians owed $1.16 for every dollar of disposable income they had in their pockets. To hammer the point home, the median debt-load for families rose 38 per cent from $32,300 in 2002 to $44,500 in 2005 and lines of credit more than doubled -- to nine per cent of total debt -- during the same period. That's why Credit Canada and Capital One Canada are presenting the first ever Credit Education Week Nov. 13 to 16. "There is no doubt that many Canadians need more information and education about financial management and using credit wisely," says Laurie Campbell, Credit Canada's executive director.
Growing credit debt is crushing Canadians: study
A new study of Canadians' credit debt finds that a whopping 25 per cent owe between $10,000 and $40,000, and 28 per cent don't even know the interest rate they pay on their main credit card. The report by Credit Canada and Capitol One was timed for release during their Credit Education Week, and is designed to raise awareness of good financial management. Laurie Campbell, of Credit Canada, said the numbers -- which don't factor in mortgage debt -- were surprisingly high. "The numbers are quite startling, even I was quite surprised, but nevertheless, this is truly what we're seeing," Campbell told CTV's Canada AM. "Savings rates at an all-time low and debt rates at an all-time high so this financial literacy week in my opinion is long overdue." The study, which questioned 4,000 respondents about their personal credit debt practices, found a disconnect between Canadians' debt levels and retirement plans.
Countrywide shares go on wild ride
NEW YORK (Reuters) - Countrywide Financial Corp shares plummeted as much as 22 percent on Tuesday on speculation the largest U.S. mortgage lender might run short of cash, but recovered most of that loss after the company said it has ample liquidity and will not go bankrupt. In a statement late on Tuesday, Countrywide said it believes it has "ample liquidity and capital" to ride out the U.S. housing downturn, and will benefit from mortgage market consolidation. Earlier on Tuesday, the Wall Street Journal reported that a Countrywide spokeswoman called rumors the company could seek bankruptcy protection "absolutely false." .
|
