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14/09/2010 -
Canadian consumers are expected to mimic their neighbors to the south, and begin reining in spending and choosing debit over credit when paying at point-of-sale terminals.While consumer spending in Canada has remained relatively undiminished since the economic recession hit, a slowdown in growth and the highest ratio of household debt to net worth on record could have consumers saving more and spending less, the Globe and Mail reports.
As debt increases, more and more Canadians are feeling vulnerable to the fluctuating economic climate. In fact, since the recession ended, the number of Canadian workers surviving from paycheque to paycheque has remained static - six in 10 workers are still struggling.
"Weak asset growth in combination with still strong liability growth will likely have households feeling buried under more debt than they ever have," said Toronto-Dominion Bank economist Diana Petramala. "Households will likely feel a need to constrain spending and repair the damage done to their balance sheets."
According to a poll by the Canadian Payroll Association, an additional eight in 10 Canadians said that if they were to win $1 million, their first or second priority would be to pay off their debt.
