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How alarming is Canada’s household debt exceeding GDP?

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There was news this week that Canada’s household debt exceeded GDP and is the highest among the G7 countries — how alarmed should Canadians be?

During periods of instability, these numbers can be especially concerning. If unemployment goes up during an economic downturn, people may be unable to service their debts from the loss of income.

Impacting payments from housing mortgages to car payments, the cascading effect has people worried about the possibility of debt defaults.

Why is this happening and what can be done? Global’s Anne Gaviola speaks with Brett Chang from ‘The Peak Daily’ podcast to find out.

For more top business and tech news, visit The Peak Daily at https://readthepeak.com/shows/the-peak-daily

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Category
U.S. & Canada
Tags
global news, The Peak, Peak podcast
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