ReadyToPop pointed out this article in the Wall Street Journal:
TORONTO (Dow Jones)–Canadians are justifiably worried about their rising debt loads.
According to Statistics Canada, household liabilities rose by C$31 billion in the second quarter to stand at a record C$1.48 trillion at the end of June. Meanwhile, household net worth fell for the first time since early 2009, declining by C$34 billion to C$5.9 trillion.
Those changes pushed the household debt-to-asset ratio up to 19.9% and the debt-to-net worth ratio up to 24.9%, each matching all-time highs, RBC Capital Markets noted.
Meanwhile, Scotia Capital has estimated that Canadian households have more debt as a share of total household assets than any other G7 country excepting the U.S. And the trends augur poorly: the U.S. Federal Reserve reported Friday that U.S. household debt tumbled by 2.3% as Americans continue to tighten their pursestrings. Within six months, Scotia Capital says, Canadians will be more heavily indebted than Americans.
Additionally, The Boeckh Investment Report notes the U.S. savings rate has risen to 6.5% while the Canadian savings rate has fallen to 2 1/2%.