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Are Canadians cooling down their overheated debt load?

The Bank of Canada may be thinking about raising interest rates but there’s apparently no need to because Canadians are hunkering down to cool debt obligations on their own.

“The pace of growth in household credit is no longer a reason for the Bank of Canada to move from the sidelines any time soon,” says Benjamin Tal, deputy chief economist at CIBC World Markets.

Scott Hannah, president and CEO of the Credit Counselling Society, still believes there is plenty to be worried about.

“Things are pretty fragile,” he says. “Debt is still growing and we’ve got to start paying it down. We have to be concerned with the level of debt the average Canadian is carrying.”
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