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.