Loans

Are you a highly successful middle aged man? You too can date sexy college co-eds at the University of Toronto, as long as you've a steady stream of cash.

The global economic climate combined with massive student loan debt have forced some girls on the UofT campus to find a creative solution when it comes to making money. It seems a lot of them turn to Seeking Arrangement -- a website that matches perspective sugar babies with the sugar daddies willing to pay them for their time (However it happens to be filled).

According to statistics recently released by the site, UofT has the second highest number of college girls, with 471 users taking advantage of the site's matchmaking capabilities. The number is second only to New York University with 498 users. In general, women out number men on the site five to one and while most of the girls leave their fee negotiable, the average seems to be between $1,000 and $5,000 per month for those that do list it on their profiles. Inevitably, there are some women who over value themselves, posting requested amounts between $10,000 and $20,000 per month without the Perfect 10 looks to back it up.

Related Links:

• Risque Business: Ads that Use Sex to Sell
• More Sex, More Income?
• In Dating, When Should You Reveal You Have a Large Debt?

Liked this article? Don't miss another one. Follow us on Twitter or Facebook.

Here's a list of dos and don'ts to follow when you've got yourself in debt. It comes your way courtesy the Financial Consumer Agency.

Here's where to start: create a list of all your current debts, including the minimum payments required and the interest rate for each loan.

And remember, there are two ways to pay off your debts.

So just where does debt settlement fit in the spectrum of solutions for those who find themselves in over their head, financially?

(We've talked about debt settlement before – this is where you hire a third party to negotiate with your creditors on your behalf, in the hopes you'll be able to settle for an amount that's less than you owe.)

In the lineup of options available, outside of the conventional ways people pay off their debts, we have settlement, credit counseling, consumer proposals and bankruptcy. Each has its own set of conditions and repercussions.

Liked this article? Don't miss another one. Follow us on Twitter or Facebook.

Several great things were said and learned over November during Credit Education Week, which was held across Canada during Financial Literacy Awareness Month. That's the good news.

The bad news? November 2011 is over and now we have to put all that new-found financial literacy to work. For most of us real life - or the real fight - has begun: the financial demands of Christmas, tax season, and school.

Unfortunately for some of us, real life never really stopped - growing children, health demands of aging parents, food prices on the rise, household debt, and an economy which seems stuck forever in neutral.

Laurie Campbell, Executive Director for Credit Canada, says putting a spotlight on money management and credit issues during Credit Education Week has been key to helping people understand the importance of financial literacy.


Liked this article? Don't miss another one. Follow us on Twitter or Facebook.

The Canadian dollar is once again in free-fall today, but if you read one of our most popular posts here at Walletpop -- Extreme Couponing isn't as Extreme in Canada -- one of the biggest recurring questions asked was, "Why do Canadians pay more for everything even when our dollar is worth more stateside, or at least at parity?"

Well, when our readers ask questions, we listen. We sent our sleuths to find an answer and I believe we've come up with something definitive.

RELATED LINKS:

• Is the Canadian Dollar Caught in a "Death Grip"?
• Loonie will Stay at Par with U.S. Dollar: Flaherty
• Loonie at Par Means Shopping, Vacation and Investment Bargains

As part of Credit Education Week, Capital One Canada, in partnership with Credit Canada is asking Canadians to submit their personal stories about how they faced their financial challenges.

These essay writing contests will kick off on Sept 16th, and each winner will receive a $5,000 grand prize.

Credit Education Week will take place from November 14th - 18th. This is the inaugural year for the essay competition.

Like this article? Don't miss another one. Follow us on Twitter and Facebook.

Most of us have been in this situation at least once. You go out with a friend and when the bill comes your friend says they can't afford it. Despite your misgivings, you pay the bill only to find out later that your friend bought the new iPad2.

What do you do in those situations? A friend, who wishes to remain anonymous, said, "I have a problem right now with a friend like that, only his thing is that he is poor, doesn't want to work because it will interfere with his 'planning' for his multi-million dollar idea. But he is in huge debt trouble and is always asking people for money to 'invest' in his business -- the business he hasn't started yet."

The number of financial complaints made to Canada's Ombudsman for Banking Services and Investments (OBSI) reached a record high in 2010, despite the fact that the worst of the global financial crisis had passed.

Last year, 1,024 complaints were made to the OBSI, which is an independent financial dispute resolution service for consumers and small businesses.

Complaints rose 3.4% in 2010, building on the enormous 48% jump in 2009 at the height of the financial crisis. The new figure marks the first time in the organization's 15 year history that complaints have risen above 1,000.

The steady decline in mortgage rates combined with slow house price appreciation has made the past few months some of the most affordable in recent years to buy a home in Canada. In fact, a report by the Royal Bank of Canada shows that housing affordability improved for a second straight quarter at the end of 2010.

However, as the Canadian economy continues to improve, the experts say that these attractive buying conditions will not last.

Canadians have begun to react to fears about record debt levels with household debt rising at its lowest rate in 15 years in November. But while growth has slowed significantly, it is yet to reverse the rising trend, meaning the record-breaking run of mounting debt continues.

The good news is that Canadians are starting to take better care of their finances. Benjamin Tal, deputy chief economist at CIBC, said household credit, once adjusted for inflation, rose by only 0.27 per cent in November. Meanwhile, data for the third quarter of last year showed that household credit rose at its slowest pace since 2001. The number of unpaid credit card bills has also stabilized at below one per cent.

Despite the improvement, Mr. Tal says there are still some concerning developments in Canada's debt situation.