As rates rise, Canadians in debt face risk ‘beyond historical experience’ PBO

Canadians will have to devote an unprecedented amount of their incomes to debt repayments, if interest rates return to normal levels, according to a new report.

“The financial vulnerability of the average household would rise to levels beyond historical experience,” the Parliamentary Budget Officer (PBO) warned today, based on projections about interest rates, household debt and debt servicing costs.

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