Thursday, May 28, 2009

Canadians Drowning in Debt

Canadians Dragging Around Too Much Debt
Canadian households are headed toward a painful debt spiral, warns an association of accountants.The Certified General Accountants Association of Canada says families – including retirees – are getting deeper into debt to pay day-to-day expenses and interest on their debt, just as the economy has downshifted into recession after 17 years of growth. Researchers cite survey results and economic data to make their case for greater caution, reduced spending and incentives to step up savings in a world of low interest rates.

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