This story was originally published on WardsAuto. To receive daily news and insights, subscribe to our free daily WardsAuto newsletter. What’s been referred to in the industry as a credit washing scam tactic appears to be growing in popularity in auto loans – including some fraudsters who on paper resemble borrowers with sound, low-risk credit. This according to a new study from Chicago-based credit reporting bureau TransUnion. “Credit washing is a type of fraud that’s related, obviously, to a credit repor ...

Personal finance can be daunting. Few consumers relish the thought of reading a credit report, shopping for car insurance or parsing a bank statement. But what if we told you that some of the smartest “financial fixes” take an hour or less? That’s the spirit of a report from AARP titled, “9 Smart Financial Fixes You Can Tackle in an Hour.” It appears in the October/November issue of AARP The Magazine. We’ve adapted their report into one of our own, covering some favorite AARP tips and a few others. Her ...

Most people already know the basics of credit score maintenance — pay on time, keep balances low and avoid opening too many new accounts. Those staples matter. For You: I Paid Off $40,000 in 7 Months Doing These 5 Things Learn About: 3 Advanced Investing Moves Experts Use to Minimize Taxes and Help Boost Returns But there are lesser-known ways to give your credit score a boost, and they’re worth considering if you’re looking to raise your score. Erin Confortini, a financial influencer and co-host of “The ...

Core Insights - Economic uncertainty continues to affect credit usage and consumer financial health in Canada, with total consumer debt reaching $2.55 trillion at the end of Q1 2025, a 4% increase year-over-year but a decrease of over $6 billion from the end of 2024 [1][2] - The mortgage market is experiencing a significant shift, primarily driven by renewals and refinancing, as new mortgage originations increased by 57.7% year-over-year in Q1 2025 [5][6] - There is a notable rise in missed payments, with over 1.4 million Canadians missing at least one credit payment during the quarter, indicating financial strain among consumers [8][9] Consumer Debt Trends - Average non-mortgage debt per consumer rose to $21,859 in Q1 2025, largely due to a strong auto loan market [1][2] - Credit card spending decreased, with average monthly spend per cardholder falling by $107, marking the lowest level since March 2022 [3][4] - The average credit card pay rate decreased to 52.9%, with younger consumers under 35 showing a significant drop in their pay rate [4][12] Mortgage Market Dynamics - The "Great Renewal" phenomenon is evident as many pandemic-era mortgages come up for renewal, with 28% of mortgages switching lenders [5][6] - First-time homebuyer activity increased by 40% from Q1 2024, although affordability remains a challenge with average monthly payments dropping by 7.8% to $2,300 [7][9] Delinquency Rates and Financial Stress - Delinquency rates among non-mortgage holders rose by 8.9% year-over-year, with younger Canadians aged 18-25 experiencing a 15.1% increase in delinquency rates [9][12] - Ontario reported the highest increase in delinquency rates across all credit products, with a 71.5% rise in 90+ day mortgage delinquency rates [10][11] - The delinquency rate for younger consumers under 26 reached 5.38%, a 21.7% increase year-over-year, indicating heightened financial stress in this demographic [12][13]