Keith Caverly & Assoc. Financial Wellness

05/02/2024

We are a local firm staffed by Northerners. We understand the problems living north of Barrie
When you call our office the phone isn't answered by someone in another part of the country, it will be answered by someone who lives in Thunder Bay.
If you choose to let us assist you, the person you meet when first come in will be the same person you deal with throughout the process of solving you debt problems

04/26/2024

According to Stats Canada
Canadian Households Owe Close To $3 Trillion In Debt
The amount of debt is extremely important in contrast to the size of the economy. Accumulation of debt helps to accelerate economic growth, until it becomes too high.
US Federal Reserve researchers found the accumulation of household debt to GDP boosts GDP in the short run for roughly a year. However, once it exceeds 70%, each additional point reduces long-term GDP growth by 0.1 points annually. Considering how rapidly its grown over the past few years, that’s a big slowdown on the horizon.
The latest numbers put the Canadian household debt to GDP ratio at roughly 132% in February. It’s unclear if the impact remains the same at more than 60 points above the threshold, but if it does that’s 6.2 points of growth trimmed over the long term. That’s… a substantial drag on the economy, providing more context as to why the country’s rapid population boom didn’t produce more growth, and instead was largely inflationary.
For context, the American household debt to GDP ratio is 75% according to the latest data. They’re world renowned for debt, with a ratio almost half that of Canada.
It’s not a new problem, but one Canada has been warned about multiple times. Everyone from the OECD to the IMF has expressed concerns about the impact on household debt to long term growth of its economy. The Bank of Canada (BoC) being the latest to call out a “productivity crisis,” as non-productive growth continues to drain any stimulus.
Canada addressed the concerns with its latest budget by ….… more cheap household debt. Sweet Baby Jesus, what’s happening here?

12/31/2021

Here's to better times ahead for us all! Wishing you a happy, safe and healthy 2022. Happy New Year!

12/29/2021

The same person from our local, caring team will remain your point of contact during your bankruptcy or consumer proposal. We won’t surprise you with calls from staff you have never dealt with before, or pass you from one department to another.

12/27/2021

Our goal is to provide caring, compassionate, and local support to those in need. Thunder Bay residents facing financial hardships are encouraged to call us today to learn more.

12/25/2021

May all that brings you joy be yours this holiday season! Merry Christmas!

12/24/2021

To find out if a consumer proposal (or a different option) is the right choice for you, set up a meeting with an Liscenced Insolvency Trustee to discuss your personal circumstances. Email us to find out more at [email protected]

12/22/2021

Don't be afraid to ask us all of the questions. You can request a free consultation session, just email us at [email protected]

12/20/2021

12/17/2021

Learn the basics about how bankruptcy works in Canada with our guide. Find out about the rules and process of how to file or apply for bankruptcy in order to eventually be discharged. More information at bankruptcythunderbay.com

12/15/2021

We are a local Thunder Bay agency and we understand the difficulties of debt. If you share your story with us, we will share our expertise with you to find the right solution. Start living for your future – you owe it to yourself.

12/13/2021

Bankruptcy allows you to release your debts, stop collection calls, end wage garnishments, and get on with your life.