Canadians continue to heap on debt

We have a delicate balancing game in Canada. Our economy, when the recession started, seemed to be the darling of the world. Jim Flaherty, our finance minister said Canada’s sound banking principles “made a big difference in terms of Canada’s reputation in the …” So what has happened since then? With low interest rates Canadians are racking up their debt, using credit and taking chances. On more than one occasion we have heard politicians and others express their concern about the amount of debt incurred by Canadians. We know at some point interest rates will rise. So the question is, what will happen to Canada when they do?

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