Even after a decade of rock-bottom borrowing costs as low as two per cent, agencies that help Canadians overwhelmed by debt say their clients are still loading up on some of the most expensive debt in the market by borrowing on their credit cards. Now as interest rates rise and sources of borrowing shrink, financial literacy experts worry that many more
Canadians are buying more cars than almost ever before, but a closer look reveals they’re taking longer and longer to pay them off, too. More than half of all new car loans are currently financed for 84 months — seven years — or longer. Industry standard used to be to amortize car loans over 60 months
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