Harper warns Canadians

Prime Minister Harper is cautioning Canadians to be wary of their debt load next year.

In a recent interview, Harper said Canadians need to think about what could happen if interest rates suddenly rise.

Statistics Canada says debt levels are at their highest yet, for every dollar of after-tax income Canadians bring home, they’re
borrowing more than one-dollar-and-64-cents.

Harper says interest rates will eventually rise and Canadians should ask themselves if they can afford the debt load they’re
carrying.

Mortgage debt is the primary driver of higher consumer debt loads after years of low interest rates.

Harper says Canadians also need to look at the long-term picture, especially as baby boomers head towards retirement with uncertain pensions.