The ratio of household debt to income in Canada hit a record high in the second quarter, although the pace of growth slowed from the same period in 2012, Statistics Canada said on Friday. The federal government and the Bank of Canada have expressed concern that Canadians are taking on too much debt – in particular cheap mortgages – at a time when interest rates are at near record lows. Officials fret that when rates go up eventually, some consumers could find themselves in trouble.
- Consumer debt back on the rise: StatsCan (thestar.com)
- Economic reality is not a glum as headlines would lead you to believe (o.canada.com)