I’m not for fear mongering – it’s not in my nature as a credit counselling professional steeped in positive thinking. Still, there’s no denying that news this week from Canada’s Parliamentary Budget Officer (PBO) is deeply unsettling. I see that household debt in our country keeps breaking records as it rockets towards the stratosphere. If it continues unabated, I fear much grief could come to a lot of families and individuals.
Canadian households now owe $171 for every $100 of disposable income.
We’re not yet facing a perfect economic storm. But warning signals are flashing.
The big question: what are we doing to recession-proof our personal finances?