Why Canadians in Need of Money Could Go Bankrupt Soon

“Ridiculously high.” That’s how Doug Hoyes describes the amount of debt Canadians carry. And he would know: The licensed insolvency manager spends his days working with people who are drowning in debt, at a time when consumer bankruptcy is at its highest level since the start of the pandemic. Interest rates are rising, a recession … Read more

Inflation: Australian credit card spending could rock RBA’s economic plan

In recent years, the Australian people have had quite the love affair with their credit cards, with credit card purchases reaching a record high of 20 percent of GDP in 2008. Since then, Australians have gradually moved away from credit cards, reduced their outstanding balances and increasingly took advantage of various rewards programs rather than … Read more

CBA boss warns of ‘short sharp contraction’ en route to Australian economy

The boss of Australia’s largest bank has warned that the economy is already contracting and that a “short, sharp contraction” is imminent. Late Wednesday, Commonwealth Bank of Australia CEO Matt Comyn announced the company’s full-year results. Although the CBA made a whopping $9.6 billion in profits last fiscal year, Mr. Comyn warned that tougher times … Read more

Inflation, recession and living off ‘borrowed money’ as credit rises

Recession fears and price pressures have not tamed Americans’ urge to spend money. Send the news: Credit card balances are defying the pull of persistent inflation and slower growth. They account for about $890 billion of Americans’ whopping $16 trillion in household debt. What is going on: Spending on experiences, such as travel and entertainment, … Read more

What you can do to prepare your finances for a recession

Jamie Grill | Getty Images All the talk of an impending recession can make you worry about your finances. You’re not alone: ​​74% of US consumers are concerned about a recession, according to a new survey by Empower Retirement and Personal Capital. In addition, 85% are concerned about inflation and 56% already see their standard … Read more