With
soaring personal debt levels and a heated housing market, any rise in interest rates could deliver a sharp jab to the Canadian economy.
Finally,
high personal debt levels from larger mortgage payments and student loans are also distracting younger Canadians from focusing on saving for their golden years.
Personal debt levels in Canada have hit record highs, most of us don't have a pension to fall back on and our retirement savings are far from adequate.
Nonetheless, Canadians trying to imagine how a broad economic downturn could play out should pay attention to what's happening on the Prairies, where high house prices, soaring
personal debt levels and an unexpected wave of job losses proved to be a toxic mix.
Each quarter the credit reporting company puts out a press release about our nation's
personal debt levels.