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Behind the Numbers: The Canadian Debt Crisis with Equifax
Manage episode 408710974 series 3530823
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In this episode, we delve into the pressing issue of the debt crisis gripping Canada. With consumer debt soaring to unprecedented levels, the financial strain on Canadians has become undeniable.
Credit card and mortgage delinquencies are up, especially in Ontario and B.C. where home prices are exceptionally high.
Rebecca Oakes, Vice-President of Data & Analytics at Equifax Canada, joins me as we uncover the root causes behind this alarming trend and explore potential avenues for relief.
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⏰Timestamps:
00:00 - 05:00 A deep dive into the debt crisis in Canada
05:06 - 07:00 Mortgage prioritized over credit cards with high interest
07:00 - 12:00 Immigrants rely on credit for essentials.
12:05 - 14:00 Credit score impacts mortgage rates and offers.
14:16 - 18: 00 Credit score predicts payment behavior, rebuildable. Utilization matters.
18:01 - 19:00 Check credit report more than once yearly.
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GUEST LINKS & RESOURCES:
https://www.consumer.equifax.ca/personal/
LEARN MORE ABOUT BMO ETFS (SPONSOR)
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Saijal Patel, CFA, is a former CNBC and BNN journalist and passionate financial wellness advocate. She's bringing Strictly Money directly to you via YouTube, Apple Podcasts, Spotify and where ever you get your podcasts.
Connect on LinkedIn: https://www.linkedin.com/company/saij-elle/
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Get in touch: https://saijelle.com/contact-us/
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