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Debt makes banks vulnerable

December 7, 2017

According to the IMF and the World Bank debt makes banks vulnerable to collapse. That kind of diatribe is extremely hypocritical since those organizations lend money to central banks thereby increasing their vulnerability. Similarly, chartered banks lend money to consumers and make similar warnings about over borrowing, as if magically the consumer is some salivating […]

A brief history of credit cards

December 4, 2017

We have spoken about the phenomenon of credit cards several times in other blogs but this article from the BBC speaks very succinctly to the history of credit cards and how we have become so indebted. Credit cards are the most popular and convenient form of credit on the market. In many circles they are […]

Go bankrupt before the new year

November 28, 2017

If filing for bankruptcy is on your horizon, going bankrupt before the new year protects your interest in next year’s income tax refund. When you file a bankruptcy, your trustee will receive your tax refund for the year of the bankruptcy and the year prior (more if other years are still outstanding). If you wait […]

New Mortgage Rules – January 2018

November 23, 2017

That’s right the government is adding new regulations to the mortgage industry effective January 1st 2018. You might ask yourself “why?” the answer is simply that the mortgage industry won’t regulate itself. The industry is of course broader than just the banking industry and although the rules might seem to apply to all they probably […]

Your income is too low

November 14, 2017

If you are reading this blog then the opening statement probably applies to you – “your income is too low” and that has far more to do with you being in debt than any other factor. In London, Ontario, a slightly misleading report released by the city council, as councillors were seeking a pay increase, […]

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