Canada’s Prime Minister says his New Year’s resolution advice for Canadians is to carefully watch their debt levels.
The advice comes after multiple reports from Stats Canada reporting that Canadian consumer debt has risen to record levels.
Bank of Canada Governor Mark Carney, who is internationally respected and was recruited for the top job at the Bank of England, has also long warned that household debt is the biggest threat to the Canadian economy.
In an interview with Global News National Anchor Dawna Friesen, Stephen Harper said the levels are getting too high.
“What I’d say to all Canadians is balance your debt level, balance your borrowing and balance your ambitions in terms of house ownership with some savings as well,” Harper said.
Harper added that, while interest levels are low now, they will inevitably rise eventually. He said it would be best if people looked at their finances and decided whether they would be able to cover expenses should interest rates rise a few points.
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Mr. Harper has already sold our nation just for a little Chines Panda.
What to do? We have to tolerate for our mistakes.
Yes Herr Harper, we will get less money from our employers as you crack down on unions, allow Chinese companies to hire Chinese workers instead of Canadians using your Fed ‘program’, allow manufacturing to leave this country in droves (most recently Oshawa Camaro plant), and allow the sale of Canadian resources to foreign countries (i.e. Nexen). All this and more will make it so much easier to pay off our debts. Merry Christmas Herr Scrouge.
This is sound advice. Live within your means, people! Yes, the government is there as a safety net, but it should be considered a safety net, not a stepping-stone.
I am not in debt because I live within my means. If I did owe money, I certainly would not blame it on someone else.
Dear Mr. Harper:
May I ask you why are so many Canadians in debt in the first place? And where is your great majority government providing assistance for all these broke and debt-ridden people?
Balancing budget may not matter – End of the world reset for New Year’s – Scientist proves Mayan calendar is 10 days off – so Doomsday will be New Year’s eve. Weird stories -
http://bit.ly/MayanOops