If Canadians had practiced prudent debt-avoidance guidelines the past decade (and been counseled by banks and other financial advis0rs to do so) they would be better drown-proofed and resilient coming into the rising rate, economic downturn part of this cycle. Unfortunately, many did the opposite, and so are learning hard lessons once more. Next, the coming job loss wave will hit the undersaved and indebted like a tsunami.
Scott Terrio, manager of the consumer insolvency at Hoyes, Michalos & Associates, joins BNN Bloomberg to discuss debt traps in a rising rate environment. Here is a direct video link.
;
