While Canada has a sound banking system and generally avoided the subprime mortgage meltdown that nearly brought the US to its knees, it is not without its' problems as revealed in a lengthy article in today's Toronto Star: According to the article:
"Canada ranks first among a list of 20 countries of the Organization for Economic Co-Operation and Development — including the United States — when consumer debt-to-financial-assets ratios are compared. That’s just a taste of the dour revelations in a report released earlier this month by the Certified General Accountants Association of Canada."
This article is at this link: Canadian debt
As alluded to in a previous post, there has been speculation as whether the Bank of Canada will increase the interest rate next Tuesday. If it does, it will increase the pressure on those with considerable debt. There is still some mixed signals as to whether it will happen or not. Stay tuned.
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