Canadians back away from borrowing

Wednesday, July 21, 2010 ROB CARRICK :: rcarrick@globeandmail.com

Owe Canada. It’s not our anthem any more.

Crazy borrowings on lines of credit? History. The gotta-buy-now housing market? Toast. Credit card debt? Slowing down, too.

Many months ago, it was fashionable to question how Canada’s profligate borrowers would hold up when interest rates began to rise. Today, after the Bank of Canada raised its trendsetting overnight rate for the second time in the past two months, we’re starting to see the answer.

In virtually all forms of borrowing, the rate of increase has slowed drastically. “I’ve been saying for a while that this is the most logical display of behaviour on the part of the consumer that I’ve seen in a long time,” said Benjamin Tal, senior economist at CIBC World Markets and an expert on household finances. Read More


Bookmark and Share

***


Upcoming Events & Seminars

More Events »

Whipp Tips & News

Alberta's Oil Workers Are Shifting To Renewable Energy Jobs

But many workers can expect to take a pay cut.

Details »

Could ethical investing help ease Vancouver's affordability crisis?

UBC report suggests foreign investors could play a role in creating more affordable rentals

Details »

More Evidence of Solid Performance From Sustainable Funds

Investors in funds that incorporate environmental, social, and governance factors into their process appear not to suffer a performance penalty.

Details »

More News »


:www.leedejonesgable.com

The information in this website was obtained from sources believed to be reliable, however, we cannot guarantee that the information is accurate or complete. The information provided is a general source of information and should not be considered personal investment advice or solicitation to buy or sell securities.

Leede Jones Gable Inc. is a
Member of IIROC and the Canadian Investor Protection Fund
Stephen Whipp is a member of the Responsible Investment Association