Back in November, economists and groups such as the Organization for Economic Co-operation and Development, cited record consumer debt levels as a key threat to Canada’s economy. The average Canadian household has debt that is 150 % of their income with mortgage debt accounting for the largest proportion of credit.
The good news is Canadians appear to be taking heed of warnings that have come from various senior officials, including Bank of Canada Governor Mark Carney. According to a recent analysis by the Canadian Mortgage and Housing Corp. (CMHC), are reining in their borrowing and mortgage debt, in particular, appears to have slowed.
Still, housing debt remains a pertinent concern, but there are plenty of resources that homeowners can look to for advice. Not sure where to start? The Globe and Mail has a series of short insightful videos with tips on how to curb your debt levels. Click on the link below to start watching:
Get control of your mortgage and other debts
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