Carney sets the stage...

It's clearly time to start listening to Mark Carney when he talks about getting consumer debt under control. "In light of the reduced slack in the economy and firmer underlying inflation, some modest withdrawal of the present considerable monetary policy stimulus may become appropriate, consistent with achieving the 2-per-cent inflation target over the medium term," the central bank said as it held its overnight rate at 1 per cent.

"The timing and degree of any such withdrawal will be weighed carefully against domestic and global economic developments."

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.