Believe it or not Canadians are now more in debt than Americans! Read on!
Smartphones, flat-screens, home renovations and other such high priced purchases are all leading to bank loans, credit cards and lines of credit.
According to a fresh report released by the C.D. Howe Institute, consumer debt levels in Canada are higher than at any point in recent history .
Consumer credit accounts for roughly 45 per cent of total household interest payments.
The rapid expansion of new consumer credit products, such as home equity lines of credit, raise real concerns about whether lenders and borrowers have been overly optimistic.
Canadians are now vulnerable to rate shock.
The recent U.S. experience has highlighted the risks of overextended consumers and C.D. Howe says maybe Canadians need to curb their enthusiasm over paying with plastic.
Wow..scary…how’s your financial situation looking? Are you getting nervous?
2 Comments User Comments
Add a commentRainbowRay
April 5, 2012
12:37 pm
I;m sure the Americans will be happy to hear that! They have 10 times the populations; we have 10 times the debt! HA!
LOVE
RainbowRay
RainbowRay
April 5, 2012
12:48 pm
We shouldn’t complain about having more personal debt. I just checked on the net the National Debts for Canada and the U.S.
As of April 5, the debt for canada stands roughly at : $581 569 011 453.25
That means as taxpayers, each person is paying $16 774.25
Check on fallopian YOUTUBE: http://www.debtclock.ca and see for yourself. Great way to kill time watching that sucker go up!
Now, compare that to the American National Debt (keeping in mind the economic and population size differential of each country).
As of April 5, the U.S. National Debt is $15 622 507 153 757
That means each American citizen is paying $49 681
Now don’t you feel better? Just ‘ Google” U.S. Debt Clock and watch that sucker go up. I bet Obama and Harper aren’t spending their time watching those clocks everyday are they?)
Have Fun!
LOVE
Rainbworay