Here is an interesting article from Toronto Star about the credit card debt problems Canadians face:
http://www.thestar.com/Business/article/581940
For all of you that believe in the "Canada is different" story, read the article, as it offers a few sobering facts like:
1. Canadians' debt-to-disposable income ratio stands at 130 per cent, which is higher than US.
2. Canadians had $80 billions outstanding credit card debt a year ago.
3. Delinquencies were up over 5 per cent at the end of last year
4. Credit card interest rates are going up