For every $1 of disposable income, Canadians owe a record $1.47. How did it come to this?
Paul Waldie and Steve Ladurantaye
From Saturday's Globe and Mail Published on Friday, Apr. 16, 2010 10:00PM EDT Last updated on Tuesday, Apr. 20, 2010 4:27PM EDT
Canadian borrowers are fast approaching a day of reckoning.
Lured by cheap money to buy up, buy in, expand and make over, families have pushed credit levels to a record high.
Now, mortgage rates are beginning to creep up and the Bank of Canada is poised to retreat from the record-low interest rates it adopted to fight the recession and spur recovery. LINK...
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Yes folks even Canada is vulnerable to this debt crisis. With high debt levels a small hike in interests rates could be serious for many families whose incomes cannot meet the rising day-to-day expenses. One way to compensate for rising prices is to have investments in Gold/Silver, which act as a hedge against inflation. GCC
