Wednesday, December 22, 2010

IMF: Canadian Personal Debt A Threat

Personal Debt A Threat To Recovery
Canada’s household debt burden, now as heavy as that of the United States, represents a significant threat to the country’s economic recovery, the International Monetary Fund says. Sounding a note of alarm, the Washington-based IMF used its latest review of Canada’s economy to highlight the risks that come with Canadians’ record levels of mortgage debt, credit-card debt, lines of credit and other liabilities. Statistics Canada said last week that the ratio of household debt to disposable income reached 148.1 per cent in the third quarter.

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