Webinar – How much Debt is too much? Should you go for that extra credit card, or for a bigger house?

Webinar Recording brought to you by BuyProperly Limited.

Session Overview

Canadians owe $1.76 in debt for every $1.0 of disposable income- piling up faster than any other developed nation. Expensive real estate and COVID do not help in this scenario.

With the COVID federal support coming to an end in fall, we explored the implications of increased debt levels for households and the best ways to manage that in the context of credit cards, personal loans, and mortgages.

View our webinar recording with Eva Wong and Scott Satov as they talk about the questions below:

  • What are the different kinds of debt and is there good debt and bad debt ?
  • In an estimate of June sales numbers, Statistics Canada said that retail sales jumped 24.5% from May’s levels, which would bring spending back to pre-pandemic levels. In such a scenario, what should people do to make sure they are able to get debt at better rates and stay out of what’s harmful?
  •  As an individual borrower, what is the optimal level of debt, and would you like to share any best practices around how to manage high debt levels?
  • Will the debt/ mortgage approval get more difficult moving forward given the COVID environment? What options do people have?
  • Debt deferral – An estimated 700,000 Canadian households have deferred payments on their mortgages. And ~13% of consumers ― one in eight people ― are using their RRSPs or TFSAs to help pay bills, up from 4% at the start of the pandemic which clearly means a lot of people are under financial stress right now. What are your thoughts on deferring loan payments/ mortgage deferrals
  • How can you leverage tech and new age debt instruments to your advantage for debt (including mortgage) planning.
  • At 1.76, Canada has one of the highest levels of private sector debt to disposable income ratio amongst developed economies, and this has been on an upward trajectory (this ratio was 1.07 in 2000) – how much of a concern is this for our economy and will this act as a drag on the recovery from Covid-19? 

Panelists

Scott Satova

CEO @Loans Canada

Scott is a serial entrepreneur and has been involved with financial technology companies for over 15 years. He co-founded VersaPay (TSX:VPY) and launched Loans Canada, the nation’s first and largest personal loan search platform, in 2012. He is also the President of Rebound Finance – the leading sub-prime loan and credit referral network in the USA since 2016. He is a licensed mortgage broker, and holds CA and CFA designations. He has completed a degree in Accounting from University of McGill.

Eva Wong

Co-founder & COO @Borrowell

Eva is the Co-Founder and Chief Operating Officer at Borrowell, a Canadian fintech company that helps make financial stability possible for everyone. She has worked with both the private and not-for-profit sectors, including roles at The OTF Group (a Monitor spin-off), Maple Leaf Foods, UNDP and Oliver Wyman.
Eva is an EY Entrepreneur Of The Year® 2019 award winner in Ontario, and was named one of the Standout 35 globally on the 2018 Women in FinTech Powerlist. She was also named one of 20 Canadian tech start-up founders to follow by Twitter Canada.
Eva holds degrees from Harvard University and Smith School of Business at Queen’s University, where she serves on the Advisory Board. She has studied or worked in the US, Caribbean, Africa, Asia and Europe

Khushboo Jha

CEO @BuyProperly Limited

Khushboo Jha is the CEO of BuyProperly Limited. She has an MBA from Wharton School, Univ of Pennsylvania, and a Bachelor degree in Architecture from Indian Institute of Technology (IIT), Kharagpur. She has over 10+ years of experience at Amazon, Deutsche Bank and Accenture. She is a builder at heart and has built and launched two marketplaces within Amazon and has extensive experience leveraging AI for efficiency. She has lived and worked in US, UK, Canada, and India.

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