From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Low rates and rising costs are leading more Canadians to take on more debt.
The latest MNP Consumer Debt Index report has found that borrowing intentions are on the rise, as many Canadians simply seek to make ends meet, and that borrowing has taken on a riskier tone as consumers look to finance their purchasing habits over the next few months.
Nearly six in 10 respondents (58 per cent) say they are somewhat likely to borrow more money before the end of the year. This number includes the 37 per cent who are inclined to rack up more debt on credit cards that already carry a balance.
What is alarming to me is the concept of buy now and pay later. This type of activity spiked during the pandemic with an uptick in online shopping coupled with financial instability.
However, this move could prove to be very costly.
Buy now, pay later, payday loans and even credit cards may seem attractive on the surface, but the devil is in the details. These types of payment options favour the lender, not the consumer. They are designed for companies to make money at your expense.
The longer you stay in debt, the higher your interest costs will be, and the more the loan or advance will cost you. Add to this charges for processing the transaction and potential late payment fees should you miss a payment, and it may start to seem like a conspiracy to cost you a lot of money.
"Retail incentives of buy now and paying later may satisfy your need for instant gratification but paying later is not always good value for consumers," says Grant Bazian, president of MNP.
We have been lulled into a sense of complacency, with rock-bottom interest rates leading to purchases we know we might not otherwise been able to afford. In fact, 58 per cent admitted in the MNP survey that low interest rates provided them with the opportunity to buy stuff they wanted but didn't necessarily need.
However, the low-interest-rate gravy train will come to an end.
We can't ignore the nearly half (46 per cent) surveyed who reported that they were $200 or less away from not being able to meet their financial obligations, including the 27 per cent who say they already don't make enough to cover the bills coming in and their existing debt payments.
Prices are on the rise and inflation has been stubbornly persistent. Energy costs are soaring, and supply chains have been disrupted. All of these challenges increase the cost of goods and services at a time when some families are living very close to the margin and struggling to make ends meet.
Lower-income Canadians are the cohort I worry about most. It isn't the discretionary spending that could take them down financially, it is the basics like food and shelter.
However, for others, the financial risk to Canadian families is real. Interest rate increases are on the horizon as the economy gains traction. You could lose your job, have an unexpected expense or even a life-altering event. Any one of these life events could add significant financial stress to your household.
For those who continue to rack up debt because they can, a word of caution. There is one thing that could change your financial trajectory: eliminating discretionary spending on the things you know you can't afford.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
The stakes have been set for a bet between Vancouver and Edmonton's mayors on who will win Round 2 of the Stanley Cup playoffs.
A grieving mother is hosting a helmet drive in the hopes of protecting children on Manitoba First Nations from a similar tragedy that killed her daughter.
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
A P.E.I. lighthouse and a New Brunswick river are being honoured in a Canada Post series.
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.