Canadians under heavy debt loads

[trent]

According to the article below Canadians are heavily indebted, and the situation is deteriorating rapidly. To all people posting on this forum, who still think we don't have the debt levels Americans have and that everything is OK, here are some numbers:

According to a Vanier Institute study the average household debt in Canada surged to over $90,000 in 2008.

According to the same study the total debt to disposable income ratio climbed to 140 per cent.

Here is the original source:

http://www.google.com/hostednews/canadianpress/article/ALeqM5j9CF42GMoPjMadFXmFcKFMPLTTtA

[ghak7]

This is most surpirising news to me. I always thought Canadians wiser than our fellow Americans.

[Canadian]

I'm not surprised at all. Admitting the problem is the first step towards solving it. The Canadian society as most Western societies has a huge debt problem, which is taking down our economy as we speak. Until the debt loads are lessened, we cannot expect a meaningful recovery.

[Steven]

Yes, debt levels are high, but more and more people are saving since the economic crisis started, and sooner or later this will have a positive economic impact.

[Canadian]

Yes, debt levels are high, but more and more people are saving since the economic crisis started, and sooner or later this will have a positive economic impact.

I wouldn't bet on quick recovery, if I were you. All unpayable debts must be liquidated first, and savings replenished before an economic recovery.