Saskatoon Mortgage Broker shares article on Canadian debt

Canadian’s keep loading up on debt despite worries from oil price drop

Article by Tasmin Mcmahon, The Globe and Mail, January 13, 2015

“Oil prices may be crashing and sparking fears of an economic downturn, but Canadian households continue to have few qualms about piling on debt, according to a new analysis by Royal Bank of Canada.

Household credit grew by an annualized rate of 4.5 per cent in November, a two-year high and the second month of strong gains, to top $1.8-trillion, writes RBC economist Laura Cooper. Residential mortgage debt led the way, jumping 5.2 per cent in November from the same month a year before. Other forms of consumer credit, such as credit cards, lines of credit and loans, grew by 3 per cent.”

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