Banks are always looking for ways to reduce the risk profile of their business operations. As a major portion of their business is related to the mortgage given to their customers, they need to be very careful in choosing their customers. Over the past years, these banks have been trying various ways to avoid at risk customers. One of the latest strategies of these banks is to refuse mortgages for people who have used payday loans during the past one year. Mortgage lender GE Money has come out with this decision with a view to reduce their risk profile. Read More…
Archive | July, 2012
Most Canadians Tend To Shun Debt, But Not All
According to a poll by the Forum Research Incorporated, as an aggregate, Canadians are debt averse, or debt phobic. The poll numbers indicate, that especially amongst the lower and lower middle class income earners, that some debt is all right, for example debt for buying a house, car, or a college level education. However they are against the idea of borrowing at low interest rates to invest in an effort to get a higher level of return. Read More…
Canadian Seniors Back to Work
Some Canadian seniors are finding themselves applying for jobs when they thought they would be retiring. This phenomenon is particularly common in the Maritimes, but it is afflicting Canadians from all provinces.
Older Canadians today are facing far more risk of bankruptcy than their counterparts of twenty or even ten years ago. In fact, seniors in 2010 are 17 times more likely to be bankrupt than seniors in 1990. They are more likely to go bankrupt than any other age group. Read More…
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