Alternative Lending: Closing the Debt-to-Income Gap

We’ve talked a fair bit about the importance of debt-to-income ratios here at the Progressa blog. This fundamental ratio shows the relationship between how much you make, and how much you owe: for Canadians, it has leapt to historically high levels in recent years of…

Progressa End-of-Year Review: CEO Ali Pourdad

As we close out 2016, Progressa has a lot to reflect on about the world we live in. Canadian household debt levels have continued to break troubling records, having risen to over 167% relative to disposable income by the second fiscal quarter of 2016. Political…

The Walking Debt: Zombie Debt vs. Consumers

Halloween may be done and dusted for the year, but there’s still a creeping presence that looms, groaning, hungry for brains… I mean, interest… over many Canadian consumers. You can run, but you can’t hide… from zombie debt. If you’ve had debt in the past…

More Canadians Expect Fintech Services

Fintech has been pegged as a disruptor of the traditional banking sector, but new data suggests that more and more Canadians are coming to expect fintech services as part of the de facto package that they receive from their banking outlet of choice. The CGI survey, titled…

Enter The Fintech Sandbox

One of the biggest challenges for the fintech space is the necessity of balance. Fintech firms want to stay ahead of the curve, but also need to abide by regulations that will ensure the safety of consumers. The Canadian fintech landscape lacks extensive regulation at…

Canadian Interest Rates: Planning for Change

A new report by credit monitoring agency TransUnion suggests that an interest rate increase of as little as 0.25% could negatively impact almost a quarter of a million Canadians, who would suddenly find themselves unable to maintain repayment of their existing debts. Though they have remained…

Predicting Post-Secondary Education Costs

A recently released CIBC poll shows that four out of five Canadian parents could not correctly estimate the average costs of post-secondary education. As a new university and college cohort prepares to enter into student life, this data presents some worrying conclusions about the way…

Break Up With Your “Unitaskers”

Television personality and chef Alton Brown is famous for his wit in addition to his culinary expertise: one of his best-known segments derides the rise of “unitaskers,” those absurdly specific and single-purpose gadgets you can purchase for your kitchen. With many variations on zany and…

Is Fintech Secure?

Mobile banking and financial technology firms are changing the way consumers interact with financial products and services. One of the biggest questions about newly linked finance and tech innovations is: will my money be safe? Whether it’s a contactless payment system, a cheque-cashing app, an…

Fintech, Satisfaction and the Big Five Banks

Despite the increasing availability of alternative banking and financial technology as channels for the Canadian consumer to build their wealth and savings over time, the majority of Canadians still bank with one of the so-called Big Five banks: BMO, CIBC, RBC Royal Bank, Scotiabank and…