Debt to Continue Rising in 2016

debtCanadian households will close out 2015 carrying thicker layers of debt after worrisome gains over the past 12 months — extra padding that’s expected to get even fatter in the new year.

But even with the borrowing binges, many experts still believe the finances of most Canadians remain in decent shape.

This assessment comes as the country shows worrisome signs linked to consumer spending. It has a record-high debt-to-income ratio and the central bank has called rising household debt as a growing weak spot in Canada’s entire financial system.  Read More…

This article has 8 Comments

  1. Errol Holden

    I just don't understand saying rising but things are in good shape. Seems contradictory.

    Most Canadians have massive debt mostly from credit card binges. And most don't usually pay it off in their life time. I should know, i'm one of them.

  2. Jarod

    Hmmm with debit climbing and oil prices sagging how will this affect the economy.

  3. Tarik

    Yes i am seriously under water in debt but i have no real answers how to get out of it. I've been told techniques but none have worked.

  4. Deron F

    Anyone know if Canada is in heading the way of Greece?

  5. Montel W

    What's funny is the national debt is lower the the debt of Texas. Just to put that into perspective.

  6. Dedrick B

    Ahh yes, the young. That is where most of the clmbing debt is. They should force financial management to be taught in middle school.

  7. Aron McPhee

    But we always knew we were rising in debt.

  8. Dimitri H

    Everyone wants to own a home and when that happens most end up with a mortgage for decades. But that is expected. Most people tend to be good at their payments so if this article is concerned over rising mortgages as the cause of rising debt then it's not a problem at all.

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