Canadians are up to their ears in debt, and it has economists and the global banks concerned.
In fact Canadian Household Debt is higher than any other Country in the G7.
In September, Statistics Canada reported household liabilities rose to 100.5 per cent of GDP, exceeding the size of our economy for the first time.
The troubling data comes at a time when the Bank of Canada has just downgraded its growth forecast to 1.1 per cent for this year from a previous 1.3 per cent forecast, and to 2 per cent in 2017, from 2.2 per cent.
The combined debt of Canadian governments, companies and households reached 4.4 trillion (US) in the first quarter, or 288 per cent of gross domestic product.
Disturbing considering we already spend more of our money on Taxes than we do feeding and taking care of our essential needs.
If interest rates go up, it could unfortunately spell trouble for many of us.