Returning to frugality?As interest rates slowly start to rise again, Canadians have started to curb their frenzied spending habits and are returning to their more natural, financially-conservative state. It seems the bargain basement credit deals that have flooded the marketplace over the last few years were too good for many of us to resist. We were acquiring debt – namely credit card, lines of credit and mortgage debt – at a rate that was almost in pace with our credit-crazy southern neighbours. While our debt loads are still sitting at record highs, recent indicators reveal that Canadian debt acquisition may be slowing. Genworth Financial Canada's most recent Financial Fitness survey, in particular, revealed some interesting numbers: 65% - The number of homeowners who pay off their credit card balances each month. For non-homeowners, this number is sitting at 48%. 25% - The percentage of homeowners who have made an additional mortgage payment this year – whether it's through a lump sum payment or through accelerated payments. 44% - The number of homeowners who, in the last year, were able to pay all their bills and have money left over for savings. 13% - The number of homeowners who say they're in great financial shape. If you're a homeowner looking to trim down your debt loads, it might be worth giving us a call. Depending on your situation, we may be able to find opportunities to lower your monthly interest payments.    |
