According to Bank of Canada Governor Mark Carney in a recent interview, "We have never been as indebted as we are today as individuals. We've done analysis which shows that about 10 per cent of Canadians are vulnerable if interest rates return to more normal levels, which will happen." We all want to be debt free and it is on the minds of anyone with high credit card debt, personal lines of credit, loans etc.

Mark Carney has a dilemma: He views record high household debt the number one domestic risk to the economy, but believes he would hurt the recovery if he raised interest rates to slow borrowing.

But the Bank of Canada governor said in an interview with The Canadian Press that he would be prepared to intervene if things got out of hand. Is your household debt out of hand? mydebtsolution.com stands ready to help you and your family ease the financial burden and become debt free with our credit counselling services. Our Credit Counsellours are ready to assist. Read more...

Canadians are getting the message on debt. This is according to a Globe and Mail article. The full text can be found here, or just read on.

After months of warnings from senior officials like Bank of Canada Governor Mark Carney, consumers are pulling back on their borrowing. In particular, the rate at which they are racking up new mortgage debt has slowed, according to a new analysis by Canada Mortgage and Housing Corp., a phenomenon that is partly caused by a cooling housing market.

Could all that easy credit so available in the past come back to haunt us? The Province ran an interesting story talking about this very real debt problem facing Canadians today. If you find that this may hit too close to home, Contact Us, maybe we can help. Our Full Review is the first step in your Debt Free future. Read on.

The very thing that lifted the economy from the depths of the recession - Canadians' passion for owning a home - could also be its undoing, warns the chief economist for RBC Global Asset Management.