World Credit Systems: How Do They Work?

In this article we are going to talk about different credit system, but today I want’ to attach special attention to the credit system of Canada. And that is exactly what we are going to talk about in this article. So if you are interested in this subject don’t miss the opportunity to read it.

Credit system of Canada

The credit system of Canada has difficult institutional structure on which creation had strong influence credit systems of the USA and Great Britain. These countries aspired to strengthen the positions in Canada by mastering national sources of financing. Credit institutes have arisen during the colonial period, functions of bankers carried out trading companies.

In Canada various branches of foreign credit institutes acted. For the first time the commercial bank of Canada has been formed in 1817 — the bank of Montreal.

Then there were created a number of specialized institutes: the insurance companies, the trust and mortgage companies, etc.

The First World War has had strong influence on strengthening of commercial banks, and after it non-bank institutes developed even faster: the companies on financing of installment sales and a consumer loan, insurance and the trusts-companies.

The world economic crisis of 30th has negatively affected a credit system, on commercial banks, in particular, and other credit institutes.

During this period the Bank of Canada was created, the state intervention in a credit system amplifies activity of specialized state institutes of crediting of housing construction and agricultural industry is stirred up.

Credit system enhancement proceeded in days of the Second World War and after it there were new types of specialized credit institutes: the leasing companies, the state insurance companies, the companies of provision of pensions.

The credit system of Canada includes: the central issuing bank, commercial banks, specialized agencies. The central issuing bank is uniform Bank of Canada. Number of commercial banks the small; in territory of provinces act credit establishments of provincial level.

Also some interesting information:

Canadians quickly return credits

About 70 percent of Canadians pay a consumer loan received by means of the bank card within a month. Such data was published by the Canadian Banker’s Association. For comparison in America, only 50 percent of holders of credit cards, extinguish indebtedness within 30 days. Bankers explain it to that Canadians concern to a debt obligation more seriously. For the same reason, in Canada it is twice less than holders of credit cards, than in the United States.

Besides, the statistics shows that the income isn’t the determining factor of how quickly the client will repay the credit. A share of families with low and the families the high income paying monthly percent under the loan are identical. In total people that don’t return credit received on the bank card constitute about 3 % of clients.

Do you still remember those good times when everybody could take a credit if one needed funds? And just imagine the state of those who have to bear that burden nowadays when the world economy is facing tough times. And for those people having loans the matter of credit monitoring is as crucial now as never before. It is not only about credit monitoring, this also allows to save money, time, and nerves and be fast in solving loan related issues. Those who are searching for a spot where to learn about credit report, are welcomed to go to this credit report monitoring site – there is much information about loan monitoring and how to order that service.

In addition we shouldn’t forget about possibilities provided to us by modern technologies. The Internet network gives a really unique opportunity to find what we require or to get anything at the best price on the market.

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