I’ve been watching the situation of Canadian personal debt for a while, and it seems like it is getting bigger and bigger. This latest report shows a 3% increase in personal debt not including mortgages.
What most Canadians are failing to comprehend, is that all it takes for them to hit financial ruin is a loss of a job and a rise in interest rates. Most Canadians should think about trying to reduce their debt as much as possible as the next downturn in the economy is coming between 2014-2017.
