International Bankers Worried About Level Of Household Debt In Canada

The community of the international banking system is very much worried about the increasing level of household debt faced by Canadians, with latest levels surpassing peers as that of the UK and USA.

The Bank for International Settlements mentioned that the debt owned by Canadian households when combined together amounted to $4.4 trillion of debt for the first quarter of this year, with a GDP of 288 per cent.

The level of the Canadian household debt is thought to be “unusually high” by the BIS. The chief economist at Gluskin Sheff and Associates Inc., David Rosenberg told a news reporting site that “This debt overhang represents one thing and one thing only: a pervasive constraint on Canada’s economic growth potential.”