We Canadians are known for being privately proud of our country. Being so close to the United States we have become known as their much smaller brother, always second best.
But now we have something to point to, as being better at than the Americans … we Canadian’s carry more house hold debt than they do.
That’s right! After watching financial melt down and the US economy crash, we Canadians continued to pile on the personal debt.
Recently Bank of Canada Governor Mark Carney gave a stark warning to Canadian house holds in this report from CTV from the Vancouver Sun…
Check out more of the financial details from National Balance Sheet from Statistics Canada.
The hope of announcement is that it will encourage us to pay off the credit cards, stream line our household budgets and start living within our means.
This is a time when beating the USA is not such a good thing.