Record (Canadian) household debt could pressure credit cards in coming years
“Buy now, pay later” means no “buy later.” And that can be a problem for an economy.
(From BNN)
Unprecedented household debt levels will give Canadians a rude awakening on their unpaid credit card bills if another economic downturn materializes in the coming years, according to a new report issued Wednesday.
Moody’s Investors Service said it will be closely watching Alberta and Saskatchewan for signs of increased delinquencies on consumer debt portfolios.
The two provinces already saw a doubling of initial unemployment claims in the latter half of 2016, a result of a prolonged downturn in the oil sector after the global price of crude began to plummet in late 2014.
“We wouldn’t be surprised to see that as an area of strain in the country,” said Jason Mercer, an assistant vice-president at the ratings agency.
http://www.againstcronycapitalism.org/
Source: http://www.againstcronycapitalism.org/2017/08/record-canadian-household-debt-could-pressure-credit-cards-in-coming-years/
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