A Canadian debt company has warned that consumers have a too-laid-back attitude to borrowing money.
A Canadian debt company has warned that consumers have a too-laid-back attitude to borrowing money. Laurie Campbell, CEO of Credit Canada Debt Solutions told CBC: "People seem to have a laissez-faire attitude toward debt right now, simply because what's been shoved down our throats — that interest rates are at an all-time low, and life is great… and the economy is not bad.” She says it creates a false sense of security. While there are differing reports about whether households can or can’t withstand interest rate increases with the levels of debt they hold, Campbell sees people when things are spiralling out of control. Although mortgages make up the bulk of personal debt, she says credit cards are the big problem due to their high rate of interest and "It's very easy to impulse-purchase on — it doesn't feel like money.” Read the full story.
