Here is an interesting article by Derek Abma in the Financial Post on a  CIBC World Markets report about household debt slowing. It seems that for the six months that ended in March there has been a slowing of household debt.  This is good news but are we out of the water yet? I would say ‘no’ to that. 

We have to remember that we were in the deep end with personal debt just six months ago as a nation. So before we collectively exhale and say ‘all is good’ I say beware and be careful!   The Vanier Institute reported in their 2009 State of Family Finances report that Canadians owed $1.45 for every dollar they made.  It is certainly going to take more than a few months to turn this around. So while I applaud all of us for curbing our appetite for debt, I would also say let’s please all of us move forward cautiously.  I  am interested in your thoughts. Are we in the clear or not?

Click here for the full article.