Even though it is not in absolute terms, but relative to the size of the Canadian economy, the amount of debt which is held by Canadian households has been rising in the last 30 years. When it comes to the modern way of life, debt is considered indispensable. This can be a growing preoccupation when we consider Bank of Canada for many years now. Mainly for negative events, high debts can be more vulnerable. This will apply for the entire economy along with the individuals.
The main thing to be considered is Canada’s financial system’s vulnerability which has been raised from the elevated indebtedness. Here one must analyze the situation of banks managing serious economic recessions along with increasing debts and high unemployment, more info at debtconsolidation-ontario.ca……