Consumer debt in Canada is on the rise. Over last year it has gone up 9.1% (From 1.303 trillion to 1.422 trillion). This may seem to be a lot, but according to Regina Malina (Director of Analytics for Equifax). "The real pattern that we've been observing is that Canadians are taking on more debt, but they can handle it well and are making those monthly payments," she says. While a high debt load in today's economy isn't necessarily a big concern as of yet, we do have to watch how much debt we really are taking on as it can become too much.
For this article, I do kind of feel bitter sweet about it. No, I'm not happy that, in general, we are taking on more debt BUT I am joyous to hear that, as a whole, we can handle it. Since 2008, times have been fairly hard for a lot of people. Even in that, we Canadian still seem to be handling ourselves quite well. All I can hope for is that we balance out our debt levels and eventually start to decrease them.
If you want to read the story, the link will be posted below. Stay Golden and Stay Afloat!
Article Date: February 10, 2014
http://www.nb.dailybusinessbuzz.ca/National-Scene/2014-02-10/article-3609940/Consumer-debt-swells-to-%241.4-trillion%2C-but-Canadians-able-to-pay-it%3A-Equifax/1
I agree Seth, in today's day and age consumers do need to be in some form of debt to move forward in the world. I am happy that consumers are paying their debts, as we do not want a bunch of bankruptcies on our hands which could have a very negative impact on our economy.
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