The debt problems in the US and Europe have taken the pressure off Canadians with mega-mortgages and credit lines that are over the line.
Remember how Bank of Canada Governor Mark Carney and Finance Minister Jim Flaherty were warning not too long ago that high personal debt levels could become unmanageable when interest rates moved higher? Well, interest rates aren’t going anywhere for now.
That’s the view of economists following the worsening of the debt crisis in some European countries and the continuing difficulties the US economy is having.
Click here to read more in the Globe and Mail.