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Old 06-16-2009, 03:24 PM
trent trent is offline
Senior Member
Join Date: Jun 2008
Posts: 387
Exclamation Canadian households drowning in debt

According to the Financial System Review released by the Bank of Canada Canadian households debt levels are climbing fast and putting Canadians under tremendous financial pressure.

The report also noted that weaker household balance sheets pose significant risk to the Canadian financial system because of the expectation of more loans going into default.

A quote from the report can be found below:

"Income growth has slowed, and personal wealth levels have been eroded by lower house prices in some regions; credit growth has continued to outpace income growth, contributing to higher debt levels."

The Bank of Canada also expects further declines in house prices this year.
No debt
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