Canadian households “freaking-out” over debt. What about Australia’s then?

By Leith van Onselen

According to Bloomberg, Canadians are “freaking out” over the level of household debt, which is now the highest of the G7 nations at 100% of GDP:

Household debt in Canada, a nation generally known for moderation, has reached levels that could be qualified as excessive. Canadians owe C$2.16 trillion—which, as a share of gross domestic product, is the highest debt load in the Group of Seven economies. With the housing market cooling, a reckoning may be fast approaching. People are “freaking out,” even though, with interest rates not far above historical lows, “money still costs nothing,” says Scott Terrio, a Toronto-based manager at Hoyes, Michalos & Associates Inc., a company that specializes in insolvency.